US Housing Market Hit by Shrinkflation

Shrinkflation is hitting American homebuyers hard, especially in the C, as a recent study found people are now paying more for smaller properties.An analysis conducted by USA TODAY Homefront using data from Realtor.com found that the median American home is now 128 square feet smaller than five years ago, and yet it costs $125,000 more.Shrinkflation, by definition, is what happens when companies reduce a product's amount or volume per unit without changing its retail price.

'Faced with these challenges, builders may be forced to either raise home prices or reduce square footage to maintain some level of affordability for potential buyers.'Seven of the 10 metros with the most significant size reductions are in the South, with four in North Carolina alone. Here's a list of the top 10 metros with shrinking home size, with the percentage change of their median square footage between 2019 and 2024. Colorado Springs, CO: -21.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Home prices hit record high in June: 'Most unaffordable housing market in history'Prices increased 5.4% nationally in June when compared with the previous year, the S&P CoreLogic Case-Shiller index showed.
Source: nypost - 🏆 91. / 67 Read more »

In L.A.’s tough housing market, cramped family adds ADU rather than moveA tiny bungalow in Los Angeles nearly doubles in size thanks to a modern addition and ADU. When the homeowners looked to move, the real estate market was unaffordable.
Source: latimes - 🏆 11. / 82 Read more »

Housing Market Has Gotten Better for Buyers in Two WaysMortgage rates have declined while prices are cooling, according to Redfin.
Source: Newsweek - 🏆 468. / 52 Read more »

The Philly-area luxury housing market sees bidding wars, strong demand, and fast salesPhiladelphia-area zip codes were among the Mid-Atlantic housing markets with the most luxury and ultra-luxury home sales this spring, according to Bright MLS.
Source: PhillyDailyNews - 🏆 89. / 67 Read more »