US single-family homes were costlier to build, priced higher and larger in 2013

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The cost to build the average U.S. single-family home hit $246,453 in 2013, reaching its highest mark since 1998, according to a construction cost survey of 3,019 builders by the National Association of Home Builders.

The survey also showed that new-home prices jumped 25 percent to $399,532, the average new home was 300 square feet larger at 2,607 square feet, and the size of the average lot shrunk from approximately a half-acre to one-third of an acre from the last time NAHB conducted the survey in 2011.

Though the average cost to build a home in 2013 represented a 34 percent increase from the cost $184,125 in 2011, profits jumped to 9.3 percent from their 2011 all-time low of 6.8 percent.

In 2013, interior finishes accounted for the largest percentage (29.3 percent) of the average cost to build a home in 2013, followed by framing (19.1 percent), exterior finishes (14.4 percent) and plumbing, electrical and heating, ventilation and air conditioning (13.4 percent).

Source: National Association of Home Builders