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 September 13, 2007

Home Builders begin to Downsize New Homes
In the first quarter of this year, the average size of a new home hit a near record size of 2,302 square feet. Many industry observers think that a broader decline in square footage size is likely.
A chief executive with KB Homes, Jeffrey Mezger, estimates that the average size of a new KB Home today is 2,200 square feet. This is 200 square feet smaller than before the shift in home size took hold.

Another builder, Centex Homes, is downsizing their homes in order to increase their affordability.

Toll Brothers Inc., says currently the demand for 3,000 square foot homes is greater than the demand for 6,000 square foot homes.

Home Builder, Lennar Corporation ran into a lawsuit when the company tried to downsize homes in a partially completed lakefront community located in Florida. The owners of already completed homes filed suit over plans to build the smaller homes. As a result, the company dropped plans to construct the 1,326 square foot home models.

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