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First-time home buyers stoke demand for smaller, less expensive homes

from Nation's Building News

A growing segment of the housing market, first-time home buyers are contributing to an increase in demand for smaller and less expensive new homes, according to research from economists at NAHB. The average size of first-time buyer households has been on the decline because of a rise in the number of single-person households. First-time buyers bought homes averaging 1,874 square feet, significantly below the 2,549-square-foot home purchased on average by those trading up. more

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