The ‘McMansion’ is back

Though the reign of the “McMansion” appeared to crumble during the housing crisis, demand for big homes has surged recently, The New York Times reports.

The average size of a new home reached an all-time high in 2012, and sales of homes costing more than $1 million leaped nearly 50 percent year over year in July 2013, according to The Times.

“The housing market is being driven by the move-up buyer, the luxury buyer,” Brad Hunter, chief economist and director of consulting at Metrostudy, told The Times. “And those who have strong incomes, secure jobs, their stock portfolio is doing well — they are able to buy whatever they want. And what they are buying is larger houses.”

Source: The New York Times