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McMansions for half off!

Looking for a bigger home? You're not alone. A growing number of homeowners are trading up to larger homes while they can still nab big bargains.

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Current price: $310,000
Peak sale price: $610,000 (Oct. 2005)
Beds/baths: 5/3.5
Square feet: 4,198

The McMansion is back. After shrinking for three years, newly-constructed homes are growing again.

For the first time in six years, Americans are asking for more square footage in new home designs, according to a recent report from the American Institute of Architects.

Existing home buyers are thinking big, too -- especially in markets where home prices have been hit the hardest like Phoenix, said Jed Kolko, chief economist for real estate website Trulia.

In the past several months, many small- to mid-sized homes have sold in the Phoenix area, freeing up sellers who wanted to trade up, explained Marci Burgoyne, a broker with Crown Key Homes in Phoenix.

And many are finding huge bargains. This Spanish Colonial last sold in late 2005 for $610,000. The current asking price is almost half that.

Inside the home, there are five bedrooms (all with walk-in closets), an expansive foyer, vaulted ceilings, tiled floors, balconies and an up-to-date kitchen. Outside, there are fruit trees, an automatic watering system and a swimming pool. And the garage has room for four cars.

For further information: Trulia

Source: Home price data courtesy of Zillow
By Les Christie @CNNMoney - Last updated July 11 2012: 3:55 PM ET
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