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Friday, July 8, 2011

AIA Finds Decreases in Home Sizes Nearing Bottom

SOURCE:  AIA Survey Finds Decreases in Home and Lot Sizes Nearing Bottom 07/07/2011

WASHINGTON, D.C. -- The collapse of the housing market resulted in greater interest in smaller homes and lot sizes, but that appears to be leveling off. There continues to be interest from homeowners in investing in their properties, particularly with regards to outdoor living space. Accessibility within the home remains a concern, especially for an aging population, along with ongoing demand for more flexible and open design within homes. Business conditions for residential architects are showing improving conditions with the highest billings score since mid-2007. These findings are from the American Institute of Architects (AIA) Home Design Trends Survey that focused specifically on overall home layout and use in the first quarter of 2011.

"Overall home and lots sizes showing signs of increasing slightly indicates that the housing market is stabilizing after being in a downward spiral since 2007," said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. "But consistent with the last several years, there remains a preference for open space layout allowing for more flexibility and less interest in formal spaces and rooms."

Specific residential segments (index score computed as % of respondents reporting improving minus % reporting weakening conditions)
--Kitchen and bath remodeling: 52 --Additions / alterations: 51 --First-time buyer / affordable home market: -22 --Move-up home market: -16 --Custom / luxury home market: -19 --Townhouse / condo market: -34 --Second / vacation home market: -51

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