Construction costs account for nearly 3/5ths of home prices, according to a new NAHB survey on the various components that go into the price of a typical single-family home. The study,  "Breaking  Down House Price and Construction Costs," relied on responses from 54 builders in 2009 to arrive at some very interesting findings. This included evidence that spec homes have lost some market share to custom homes in recent times, that the cost of a finished lot accounts for just over one-fifth of sales price, and that the costs of construction account for nearly three-fifths of the final sales price. The shares of home prices represent a noticeable shift since NAHB's previous construction cost survey in 2007, but this is largely the result of a change in survey methodology to provide a more representative sample of single-family construction nationwide. For example, the latest survey included more houses in non-metropolitan areas, where land prices tend to be lower and lot sizes larger. Census figures for new residential construction in 2008 show that the average lot size was .36 of an acre for new homes sold in metro areas compared to .65 acres for homes sold outside those areas. The average size of homes included in NAHB's survey was just over 2,700 square feet, with the average lot size at one-half acre. The average price of homes in the 2009 Construction Cost Survey was $377,624. Read more in last week's Nation's Building News, or send questions to MondayMorningQuestions@nahb.org.