According to the National Association of Home Builder’s analysis of the latest Survey of Construction (SOC) data, which comes from interviews of builders and owners of selected new houses, the median square foot price in a new custom single-family detached (SFD) homes started in 2020 increased 8%. Excluding ‘soaring’ improved lot values, the average SFD increased 4%.
With the exception of the West Region, where the square foot price in custom SFD were lower compared to a year ago, the median sale and contract price per square foot went up across all U.S. regions. The highest median square foot sale and custom prices are registered in New England — $173 and $186 per square foot, respectively. The most economical custom and for-sale SFD homes are started in the South region, where the median contract and sale prices per square foot are consistently below the national medians.
For the square footage statistics, the SOC uses all completely finished floor space, including space in basements and attics with finished walls, floors, and ceilings. This does not include a garage, carport, porch, unfinished attic or utility room, or any unfinished area of the basement.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
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