Home improvements that help save energy year-round
Want to save more of your hard-earned paycheck? Conduct a quick home improvement checkup to look for potential maintenance needs that can help you save energy year-round.
"Take time now to inspect your home for potentially energy-wasting areas," says Kathy Krafka Harkema, "Check major systems that help protect your house - the roof, gutters, siding, exterior finish, windows, doors, foundation and steps, plus interior components like heating, cooling, chimney and electrical systems."
Look for obvious signs of deterioration, damage or potential problems, Krafka Harkema advises. Replace or repair worn or broken items before they can lead to more extensive or expensive repair needs.
Increase curb appeal
One quick way to help improve energy efficiency and curb appeal is to install a new ENERGY STAR-qualified entry door or storm door. Pella's new low-maintenance entry doors offer many styles designed for virtually any budget.
"Fiberglass entry door systems offer the look of a wood-grain door but with the energy efficiency, and durability and low-maintenance of fiberglass," says Steve Brenizer.
Look for wood-grain fiberglass entry doors for exceptional energy efficiency. "Choose a factory prefinished entry door for a consistent look and to save your precious time," Brenizer says.
Inspect windows, doors
When checking your home's windows and doors, inspect interior and exterior finishes around them. Is the paint or stain in good condition? Signs of flaking and peeling or water stains may mean that it's time to refinish or replace the unit.
Next, check windowsills and tracks for dirt and debris like sand, leaves, insects or pine needles. Open windows and doors to clean out the area with a soft brush like a dry paintbrush. Debris can hamper the airtight effectiveness and overall performance of doors and windows.
“Look at the weather stripping around doors and windows, reattach loose pieces, and replace those that are ripped to help enhance your home's energy efficiency,” Krafka Harkema adds.
Finally, feel for uneven sliding or sticking when you open and close a window. Try using a non-oily lubricant, like paraffin wax, on opposing finishes to help it move easier.
If you are wondering if your windows have passed their expiration, consider these 10 signs it's time to replace them:
1. Overall poor performance - Opening or closing is a difficult task and air leaks in, out or around the window
2. In a fog - Condensation or fogging occurs between panes of glass
3. Chipping away - Chipping, peeling or deterioration on the finish on or around the window
4. Singled out - You have a home with single-pane windows, much less energy efficient than double- or triple-pane options
5. Water logged - Telltale water stains remain on the leaky window or the area around the window (inside or out)
6. Out-of-date - Replacement parts are hard to find or even non-existent
7. Energy hog - Energy bills are on the rise, so it's time to help increase your home's energy efficiency
8. Draft dodger - You can feel cold air or drafts when sitting near the window ... and it's closed
9. Shut in - Windows are painted or nailed shut
10. Simply put - Window won't open easily or won't stay in place once you open it
Don't suffer through another winter with a drafty door or a window that whistles in the wind. Windows and doors can be replaced year-round. (ARA)
Monday, October 8, 2012
Thursday, October 4, 2012
Beautiful rooms are meant to be lived in
Beautiful rooms are meant to be lived in
Fall is the time of year when thoughts turn back toward the home. With kids back in school and the holidays approaching, many homeowners look for ways to make their rooms more stylish, but struggle to find the balance between beautiful and livable.
“Of course your home should be stylish. But if you can't enjoy living in it, what's the point?” says Erinn Valencich, a Los Angeles-based interior designer and blogger for HGTV's Design Happens. “I believe in creating beautiful spaces that are fun, elegant and livable.”
Redecorating a space with a few key elements can completely transform the look and feel of the room without breaking the budget. “When starting the room refresh process, keep the livability of the design elements in mind to make sure you have a balance that works within your lifestyle, but still gives the room personality and a special flair for style,” notes Valencich.
One of the easiest ways to breathe new life into a room is by refreshing the floors. A dull or scuffed floor can make a room look tired. Selecting the right flooring will create the perfect canvas to help tie all a room's design elements together. Flooring is one of the key design elements that will bring both personality and livability together.
Adding personality
“Great rooms have a personality ... a mix of vision, style and inspirations from everyday life, all while being comfortable and easy to live in,” says Valencich, who shares her tips at www.quickstepstyle.com/videos.
Blending a variety of influences will add distinction to a room. Start off by having a clearly defined color palette. One option Valencich suggests is selecting a rich-toned floor to serve as a warm background for furniture. “I like the Burnished Walnut planks from Quick-Step's Veresque collection to really help ground a room,” says Valencich. “These floors feature exclusive GenuEdge Technology, which provides a realistic hardwood edge visual. The floors stand up to busy lives, and stay looking great.”
To add contrast to a warm floor, add a subtle color to the walls. Then, incorporating a collection and variety of prints and frames will help break up the wall color and add visual interest. Once all these elements are brought together, Valencich recommends adding a few pieces and accessories that will add dimension, such as a chandelier or colorful accent pillows to tie the entire room's personality together.
Livability within design
Authentic style that works in real life is key to achieving a beautiful and comfortable room. Valencich's recommendations include:
* Keep both comfort and style in mind when selecting furniture pieces.
* Develop a list of how the room will be used by your family and guests. Keep it top-of-mind when determining the layout and flow of the room.
* Select flooring and furniture that is durable. Be sure to review all the warranty information before making a purchase.
* Consider how much maintenance will be required to keep the pieces in your room looking fresh.
* Don't let the room get too cluttered so that it becomes uncomfortable for guests to relax.
* If you are going the DIY renovation route, seek products that are easy to install.
“Keep all these different pieces in mind while going through the design-planning process. Then, mix in your sense of style and personality for a room that will fit all your needs,” says Valencich. (ARA)
Wednesday, October 3, 2012
Street Names Make a Difference on Asking Prices?
Street Names Make a Difference on Asking Prices?
Source: National Association of Realtors, Daily Real Estate News
The street name of a neighborhood can affect the asking price on a home, at least according to a new survey by Trulia.
Trulia analyzed the median asking price per square foot among various types of address suffixes, like “Lane” and “Park.”
Street addresses with the words “Boulevard,” “Place,” and “Road” were found to have higher average asking prices than homes with addresses ending in “Avenue,” “Drive,” or “Street,” according to the Trulia study.
For example, homes that were located on streets with the word “Boulevard” in the address sold on average about $117 per square foot compared to properties located on addresses with “Lane,” which would sell on average for $101 per square feet, or “Street,” which sold for about $86 per square foot.
Homes that had “Boulevard” in the address had the highest asking prices of all the street-names Trulia studied.
Source: National Association of Realtors, Daily Real Estate News
The street name of a neighborhood can affect the asking price on a home, at least according to a new survey by Trulia.
Trulia analyzed the median asking price per square foot among various types of address suffixes, like “Lane” and “Park.”
Street addresses with the words “Boulevard,” “Place,” and “Road” were found to have higher average asking prices than homes with addresses ending in “Avenue,” “Drive,” or “Street,” according to the Trulia study.
For example, homes that were located on streets with the word “Boulevard” in the address sold on average about $117 per square foot compared to properties located on addresses with “Lane,” which would sell on average for $101 per square feet, or “Street,” which sold for about $86 per square foot.
Homes that had “Boulevard” in the address had the highest asking prices of all the street-names Trulia studied.
Tuesday, October 2, 2012
New technologies help keep your home safe, secure and energy-efficient this fall
New technologies help keep your home safe, secure and energy-efficient this fall
September is Home Safety Month, October is Energy Awareness Month
With shorter days and cooling temperatures, autumn brings many changes that can affect your home. Now is the ideal time for homeowners to prepare their homes to be secure and energy efficient. With some easy updates and modern tools, your home will be ready for fall with surprisingly little effort.
Start by making your home safe for all members of the family. Cooler temperatures mean fewer hours of light, especially when daylight savings time ends. Shorter days can leave a house more vulnerable to intruders since it's easier to break in to a home unnoticed at night. Smart homeowners will check to make sure there is ample outdoor spot lighting and motion detector lights around their home. A well illuminated house is less attractive to criminals.
Door hardware is another great security feature to update in the fall. No need to fumble with keys in the dark - many companies now offer a touchpad lock that can be opened hassle-free with a unique code or with the click of your smartphone through the use of modern cloud technology.
Furthermore, you can keep your home safe, secure and energy efficient wherever you are with modern tools like the Iris Smart Kit that allows you to manage home tasks right from your smartphone and operate as an affordable security system. Automatically turn the light on in your living room as you approach the house at night, receive a text when your kids arrive home from school, or receive an alert when the motion sensor on your front door is activated while away on holiday vacations.
Available at Lowe's, this easy-to-use home automation system is affordable for homeowners and renters. For homeowners looking to save energy and cut back on heating costs, the kit includes a programmable thermostat that allows for remote control of the thermostat through the Iris app. Also included is a smart plug that can remotely control devices in the home, such as lamps, and report back on the specific device's current and historical energy usage.
The motion sensors and contact sensors included in the kit also include a temperature gauge, so if you notice that the temperature by your window or door is colder than the rest of the home, take some time to add weather stripping or caulk around areas where cold air can creep in. You can also detect air leaks by simply holding a piece of paper or a feather near doors and windows to detect airflow. Since heating accounts for the largest portion of your utility bill, with 45 percent going to space heating (U.S. Department of Energy), using technology to identify energy leaks in your home and making appropriate updates can put more money back into your pocket.
Iris can be easily installed by the homeowner and the basic level of monitoring service is free. The free service includes text and voice alerts to the homeowner when alarms are triggered, remote control of connected devices, thermostats and locks, and access to remote video streaming from cameras in the home via smartphone or computer.
With these easy tips, preparing your home for fall's cool weather and dark days is simple. New technologies, such as Iris, make keeping your home safe, secure and energy-efficient as easy as picking up your smartphone. You'll feel good about saving money and keeping your family and belongings secure too. (ARA)
September is Home Safety Month, October is Energy Awareness Month
With shorter days and cooling temperatures, autumn brings many changes that can affect your home. Now is the ideal time for homeowners to prepare their homes to be secure and energy efficient. With some easy updates and modern tools, your home will be ready for fall with surprisingly little effort.
Start by making your home safe for all members of the family. Cooler temperatures mean fewer hours of light, especially when daylight savings time ends. Shorter days can leave a house more vulnerable to intruders since it's easier to break in to a home unnoticed at night. Smart homeowners will check to make sure there is ample outdoor spot lighting and motion detector lights around their home. A well illuminated house is less attractive to criminals.
Door hardware is another great security feature to update in the fall. No need to fumble with keys in the dark - many companies now offer a touchpad lock that can be opened hassle-free with a unique code or with the click of your smartphone through the use of modern cloud technology.
Furthermore, you can keep your home safe, secure and energy efficient wherever you are with modern tools like the Iris Smart Kit that allows you to manage home tasks right from your smartphone and operate as an affordable security system. Automatically turn the light on in your living room as you approach the house at night, receive a text when your kids arrive home from school, or receive an alert when the motion sensor on your front door is activated while away on holiday vacations.
Available at Lowe's, this easy-to-use home automation system is affordable for homeowners and renters. For homeowners looking to save energy and cut back on heating costs, the kit includes a programmable thermostat that allows for remote control of the thermostat through the Iris app. Also included is a smart plug that can remotely control devices in the home, such as lamps, and report back on the specific device's current and historical energy usage.
The motion sensors and contact sensors included in the kit also include a temperature gauge, so if you notice that the temperature by your window or door is colder than the rest of the home, take some time to add weather stripping or caulk around areas where cold air can creep in. You can also detect air leaks by simply holding a piece of paper or a feather near doors and windows to detect airflow. Since heating accounts for the largest portion of your utility bill, with 45 percent going to space heating (U.S. Department of Energy), using technology to identify energy leaks in your home and making appropriate updates can put more money back into your pocket.
Iris can be easily installed by the homeowner and the basic level of monitoring service is free. The free service includes text and voice alerts to the homeowner when alarms are triggered, remote control of connected devices, thermostats and locks, and access to remote video streaming from cameras in the home via smartphone or computer.
With these easy tips, preparing your home for fall's cool weather and dark days is simple. New technologies, such as Iris, make keeping your home safe, secure and energy-efficient as easy as picking up your smartphone. You'll feel good about saving money and keeping your family and belongings secure too. (ARA)
Monday, October 1, 2012
Add curb appeal to your home with new exterior trim
When it comes to selling your home, curb appeal means everything. And nothing makes a worse initial impression than exterior trim that is peeling, cracked, rotted or falling apart. Replacing old or damaged exterior trim is a great way to freshen up your home today and make it stand out among others tomorrow.
According to the National Association of Realtors, curb appeal sells 49 percent of all homes. Potential buyers start evaluating a house as soon as they pull up. That's why it's important to make your house look great from the street, long before putting it on the market.
“You only get one chance to make a first impression. Exterior trim that is cracked, rotted or peeling can turn away buyers,” says Peggie Bolan, vice president for Chicago-based CMI, a building products manufacturer. “Homes with beautiful exterior trim have that wow factor that attracts buyers. Making a good first impression can be the difference between getting a signed contract and keeping the 'For Sale' sign in the yard.”
Inspect your trim
Fall is an ideal time to inspect your home's exterior trim. Walk around your house and look at the trim around your windows and doors, at the corners, and near the roofline. Warning signs of potential problems include peeling or blistering paint, mold and mildew, warped boards, and spongy or soft spots. Check for termite damage too; they cause more damage to U.S. homes than fire, floods and storms combined.
If the trim is damaged beyond repair, the only solution is replacement. Depending on your carpentry skills, replacing exterior trim can be a do-it-yourself project, but it is often best to hire a local contractor or remodeler. One product option that has become a preferred choice among homebuilders and remodelers is a treated exterior composite trim called MiraTEC. This engineered wood trim is ideal for nonstructural applications, such as roofline fascia, window and door trim, corner posts and porch trim.
Find the right trim
Although traditional wood trim often looks good when installed, it can split and swell, and is prone to knots and defects. Other materials, like PVC and fiber cement trim, may be difficult to install and also have performance limitations.
With a clear cedar, wood-grain texture on one side and a contemporary smooth finish on the other, MiraTEC trim is ideal for many home styles from historic to modern. It is made from eco-friendly materials, looks and handles like wood, and is coated with a mildew-resistant primer, making it easy to paint. MiraTEC is very durable and it resists moisture, rot and termites.
Friday, September 28, 2012
How to keep cool and cut home energy costs
How to keep cool and cut home energy costs
The warm weather and long days of summer can give us a free and easy feeling - that is, until it's time to pay the utility bill. Utility costs can add up fast with increased use of the air conditioner, appliances and other household items during peak times. Yet it's easy to cut energy bills if you take simple steps to adjust your daily routine. Here are some tips for staying cool while reducing energy costs this summer.
Change your air filter
Every change of season comes with the need to change the air filter on your home's heating and cooling system. Change it at least every three months and possibly more often at high-use times like summer. A clean filter keeps dust and dirt from bogging down the airflow, helping to cool your home without racking up extra costs.
Keep cool efficiently
Installing a programmable thermostat will allow you to set a schedule for your indoor temperature throughout the day, ensuring greater efficiency and home comfort. With some models you can pre-set temperatures throughout the week to match your family's comings and goings, or even adjust your temperature remotely. Adjusting the temperature even a little can help a lot: in the summer, cooling costs can be cut up to 6 percent per each degree you raise the thermostat, according to American Standard Heating & Air Conditioning.
Get in hot water - the good way
Lower your water heating costs by wasting less hot water. Instead of taking a bath in a tub filled with hot water, take a refreshing shower using a low-flow showerhead. Other hot-water-saving habits: use only the cold water cycle of your automatic clothes washer, and when using the dishwasher, wash only full loads and use the air-dry cycle. You can even reduce hot water use around the house by simply repairing leaks in faucets and pipes - according to the U.S. Department of Energy, a leak of one drip per second can cost $1 per month.
Lighten costs with new light bulbs
Some of the newer energy saving light bulbs provide colors and light levels similar to traditional bulbs, but require less energy to produce light. For example, energy-saving incandescents provide about 25 percent energy savings; compact fluorescent lamps (CFLs) provide about 75 percent savings, and light emitting diodes (LEDs) offer about 75 to 80 percent savings, according to www.energysavers.gov.
Get your HVAC system in shape
People often resolve to get in better shape over the summer, so keep your home's heating, ventilation and air conditioning (HVAC) system in shape as well by scheduling a tune-up with a qualified dealer. For example, an independent American Standard Customer Care Dealer can inspect your system for efficiency and recommend adjustments. In addition, if your system is more than 10 years old, replacing it with a more energy-efficient model may save you money in the long run. (ARA)
The warm weather and long days of summer can give us a free and easy feeling - that is, until it's time to pay the utility bill. Utility costs can add up fast with increased use of the air conditioner, appliances and other household items during peak times. Yet it's easy to cut energy bills if you take simple steps to adjust your daily routine. Here are some tips for staying cool while reducing energy costs this summer.
Change your air filter
Every change of season comes with the need to change the air filter on your home's heating and cooling system. Change it at least every three months and possibly more often at high-use times like summer. A clean filter keeps dust and dirt from bogging down the airflow, helping to cool your home without racking up extra costs.
Keep cool efficiently
Installing a programmable thermostat will allow you to set a schedule for your indoor temperature throughout the day, ensuring greater efficiency and home comfort. With some models you can pre-set temperatures throughout the week to match your family's comings and goings, or even adjust your temperature remotely. Adjusting the temperature even a little can help a lot: in the summer, cooling costs can be cut up to 6 percent per each degree you raise the thermostat, according to American Standard Heating & Air Conditioning.
Get in hot water - the good way
Lower your water heating costs by wasting less hot water. Instead of taking a bath in a tub filled with hot water, take a refreshing shower using a low-flow showerhead. Other hot-water-saving habits: use only the cold water cycle of your automatic clothes washer, and when using the dishwasher, wash only full loads and use the air-dry cycle. You can even reduce hot water use around the house by simply repairing leaks in faucets and pipes - according to the U.S. Department of Energy, a leak of one drip per second can cost $1 per month.
Lighten costs with new light bulbs
Some of the newer energy saving light bulbs provide colors and light levels similar to traditional bulbs, but require less energy to produce light. For example, energy-saving incandescents provide about 25 percent energy savings; compact fluorescent lamps (CFLs) provide about 75 percent savings, and light emitting diodes (LEDs) offer about 75 to 80 percent savings, according to www.energysavers.gov.
Get your HVAC system in shape
People often resolve to get in better shape over the summer, so keep your home's heating, ventilation and air conditioning (HVAC) system in shape as well by scheduling a tune-up with a qualified dealer. For example, an independent American Standard Customer Care Dealer can inspect your system for efficiency and recommend adjustments. In addition, if your system is more than 10 years old, replacing it with a more energy-efficient model may save you money in the long run. (ARA)
Thursday, September 27, 2012
August Existing-Home Sales and Prices Rise
WASHINGTON (September 19, 2012) - Existing-home sales continued to improve in August and the national median price rose on a year-over-year basis for the sixth straight month, according to the National Association of Realtors®.
Total existing-home sales 1 , which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.
Lawrence Yun , NAR chief economist, said favorable buying conditions get the credit. "The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions," he said. "Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers. However, the West and Florida markets are experiencing inventory shortages, which are placing pressure on prices."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.60 percent in August from a record low 3.55 percent in July; the rate was 4.27 percent in August 2011.
"The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years," Yun added.
The national median existing-home price2 for all housing types was $187,400 in August, up 9.5 percent from a year ago. The last time there were six back-to-back monthly price increases from a year earlier was from December 2005 to May 2006. The August increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier.
Distressed homes3 - foreclosures and short sales sold at deep discounts - accounted for 22 percent of August sales (12 percent were foreclosures and 10 percent were short sales), down from 24 percent in July and 31 percent in August 2011. Foreclosures sold for an average discount of 19 percent below market value in August, while short sales were discounted 13 percent.
Total housing inventory at the end August rose 2.9 percent to 2.47 million existing homes available for sale, which represents a 6.1-month supply 4 at the current sales pace, down from a 6.4-month supply in July. Listed inventory is 18.2 percent below a year ago when there was an 8.2-month supply.
The median time on market was 70 days in August, consistent with 69 days in July but down 23.9 percent from 92 days in August 2011. Thirty-two percent of homes sold in August were on the market for less than a month, while 19 percent were on the market for six months or longer.
NAR President Moe Veissi , broker-owner of Veissi & Associates Inc., in Miami, said some buyers are involuntarily sidelined. "Total sales this year will be 8 to 10 percent above 2011, but some buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, home sales would be about 10 to 15 percent stronger, and the related economic activity would create several hundred thousand jobs over the period of a year."
First-time buyers accounted for 31 percent of purchasers in August, down from 34 percent in July; they were 32 percent in August 2011.
All-cash sales were unchanged at 27 percent of transactions in August; they were 29 percent in August 2011. Investors, who account for most cash sales, purchased 18 percent of homes in August, up from 16 percent in July; they were 22 percent in August 2011.
Single-family home sales rose 8.0 percent to a seasonally adjusted annual rate of 4.30 million in August from 3.98 million in July, and are 10.0 percent above the 3.91 million-unit pace in August 2011. The median existing single-family home price was $188,700 in August, up 10.2 percent from a year ago.
Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 in August from 490,000 in July, and are 4.0 percent above the 500,000-unit level a year ago. The median existing condo price was $176,700 in August, which is 3.3 percent higher than August 2011.
Regionally, existing-home sales in the Northeast rose 8.6 percent to an annual pace of 630,000 in August and are also 8.6 percent above August 2011. The median price in the Northeast was $245,200, up 0.6 percent from a year ago.
Existing-home sales in the Midwest increased 7.7 percent in August to a level of 1.12 million and are 17.9 percent higher than a year ago. The median price in the Midwest was $152,400, up 7.8 percent from August 2011.
In the South, existing-home sales rose 7.3 percent to an annual pace of 1.90 million in August and are 11.1 percent above August 2011. The median price in the region was $160,100, up 6.5 percent from a year ago.
Existing-home sales in the West increased 8.3 percent to an annual level of 1.17 million in August but are unchanged from a year ago. With ongoing inventory shortages, the median price in the West was $242,000, which is 16.3 percent higher than August 2011.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Total existing-home sales 1 , which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million in August from 4.47 million in July, and are 9.3 percent higher than the 4.41 million-unit level in August 2011.
Lawrence Yun , NAR chief economist, said favorable buying conditions get the credit. "The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions," he said. "Inventories in many parts of the country are broadly balanced, favoring neither sellers nor buyers. However, the West and Florida markets are experiencing inventory shortages, which are placing pressure on prices."
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.60 percent in August from a record low 3.55 percent in July; the rate was 4.27 percent in August 2011.
"The strengthening housing market is occurring even with difficult mortgage qualifying conditions, which is testament to the sizable stored-up housing demand that accumulated in the past five years," Yun added.
The national median existing-home price2 for all housing types was $187,400 in August, up 9.5 percent from a year ago. The last time there were six back-to-back monthly price increases from a year earlier was from December 2005 to May 2006. The August increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier.
Distressed homes3 - foreclosures and short sales sold at deep discounts - accounted for 22 percent of August sales (12 percent were foreclosures and 10 percent were short sales), down from 24 percent in July and 31 percent in August 2011. Foreclosures sold for an average discount of 19 percent below market value in August, while short sales were discounted 13 percent.
Total housing inventory at the end August rose 2.9 percent to 2.47 million existing homes available for sale, which represents a 6.1-month supply 4 at the current sales pace, down from a 6.4-month supply in July. Listed inventory is 18.2 percent below a year ago when there was an 8.2-month supply.
The median time on market was 70 days in August, consistent with 69 days in July but down 23.9 percent from 92 days in August 2011. Thirty-two percent of homes sold in August were on the market for less than a month, while 19 percent were on the market for six months or longer.
NAR President Moe Veissi , broker-owner of Veissi & Associates Inc., in Miami, said some buyers are involuntarily sidelined. "Total sales this year will be 8 to 10 percent above 2011, but some buyers are frustrated with mortgage availability. If most of the financially qualified buyers could obtain financing, home sales would be about 10 to 15 percent stronger, and the related economic activity would create several hundred thousand jobs over the period of a year."
First-time buyers accounted for 31 percent of purchasers in August, down from 34 percent in July; they were 32 percent in August 2011.
All-cash sales were unchanged at 27 percent of transactions in August; they were 29 percent in August 2011. Investors, who account for most cash sales, purchased 18 percent of homes in August, up from 16 percent in July; they were 22 percent in August 2011.
Single-family home sales rose 8.0 percent to a seasonally adjusted annual rate of 4.30 million in August from 3.98 million in July, and are 10.0 percent above the 3.91 million-unit pace in August 2011. The median existing single-family home price was $188,700 in August, up 10.2 percent from a year ago.
Existing condominium and co-op sales increased 6.1 percent to a seasonally adjusted annual rate of 520,000 in August from 490,000 in July, and are 4.0 percent above the 500,000-unit level a year ago. The median existing condo price was $176,700 in August, which is 3.3 percent higher than August 2011.
Regionally, existing-home sales in the Northeast rose 8.6 percent to an annual pace of 630,000 in August and are also 8.6 percent above August 2011. The median price in the Northeast was $245,200, up 0.6 percent from a year ago.
Existing-home sales in the Midwest increased 7.7 percent in August to a level of 1.12 million and are 17.9 percent higher than a year ago. The median price in the Midwest was $152,400, up 7.8 percent from August 2011.
In the South, existing-home sales rose 7.3 percent to an annual pace of 1.90 million in August and are 11.1 percent above August 2011. The median price in the region was $160,100, up 6.5 percent from a year ago.
Existing-home sales in the West increased 8.3 percent to an annual level of 1.17 million in August but are unchanged from a year ago. With ongoing inventory shortages, the median price in the West was $242,000, which is 16.3 percent higher than August 2011.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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