Return of the McMansionBy Berit Griffin
Who remembers the McMansion? According to statistics from The Wall Street Journal, large modern houses considered ostentatious and lacking in architectural integrity may be making a comeback. Although, many economists seem to think the first-quarter high in the median size of newly built, single-family homes is a statistical blip given trends in broader housing market, including construction of a greater number if smaller, affordable homes.
The median size of a home built in the U.S. in the first quarter registered 2,521 square feet, up 76 square feet, or 3%, from the fourth quarter, according to Commerce Department data released Tuesday. It was the first increase for that measure after three consecutive years, reports the The Wall Street Journal.
Robert Dietz, an economist with the National Association of Home Builders, commented on the phenomenon stating, ““I think it is due to the fact that the total amount of quarterly single-family (construction) starts was lower than prior quarters, thus rolling back some of the market expansion that was causing median size to level off.” The Wall Street Journal goes on to say that Deitz also added that April’s 20% surge in the pace of U.S. home-construction starts, as well as expected gains in housing construction for the rest of this year, “should cause size to level off” going forward.
What do you think, has the McMansion made its return?