Following two consecutive months of declines, sales of new, single-family homes rose in April to reach an annual rate of 433,000 - about 6.4% above the estimated March rate of 407,000 but 4.2% below the April 2013 rate of 452,000 - according to figures released by the U.S. Census Bureau and the Department of Housing and Urban Development.
The median sales price of new homes sold in April was $275,800. The average sales price was $320,100.
About 192,000 new homes were listed on the market in April - about a 5.3-month supply at the current sales rate.
Minutes of the Federal Reserve's April 29-30 policy meeting released earlier this week indicate that the slowdown in home sales has caught the attention of the Fed. Officials cited a range of factors for the weakness, including "higher home prices, construction bottlenecks stemming from a scarcity of labor and harsh winter weather, input cost pressures, or a shortage in the supply of available lots," according to the minutes of the Federal Open Market Committee.
Meanwhile, sales of previously owned homes rose 1.3% in April, with the inventory of existing homes for sale reaching the highest level in nearly two years, according to data released this week by the National Association of Realtors.
And mortgage rates continued to trend downward for a third week, with the average rate for a 30-year fixed-rate mortgage falling to 4.14%, according to Freddie Mac's Primary Mortgage Market Survey.
Whether the increased inventory and lower rates will result in increased home sales in June remains to be seen.
Saturday, May 24, 2014
Monday, May 12, 2014
Getting Your Home Summer Ready
Before it gets too warm, it's time to make sure you're ready for hot weather. This doesn't mean running out and buying the latest swim wear. It means checking your home's heat and air-conditioning system.
Change Your Filters
First, change your filters in your heating/cooling system. Change them regularly as recommended by the manufacturer.
Test Your System
Next change your thermostat over to "cool" and test the system by turning the temperature down. If the air conditioner does not turn on, first check to make sure no breakers are tripped. If you can't figure out the problem, call your heating and air conditioning repair person. Calling early may keep you from making an "emergency" call when the temperatures are soaring and the repair people are too busy.
If your cooling system turns on, make sure it is putting out adequate cooling. If it's not, and you can't figure out the problem, call your heating and air conditioning repair person. Make sure you set it at 78 degrees.
Replacing Your AC Unit
If your air conditioner needs replacement do it BEFORE the HOT WEATHER HITS because heating & air conditioning repair people will be very busy. And more than likely, some other things around your home need attention as well. Your air ducts may need testing for leaks and then sealed. Your attic insulation probably has compacted, so you may need to add more. Your windows and doors and other parts of the building envelope may need caulking and weather stripping. You may need solar window film to keep out the heat.
Thermostat Changes
Consider changing your old thermostat to a programmable one. You can save up to $100 a year by using a new set-back thermostat. If your thermostat is really old and uses a mercury switch (a glass tube filed with silvery substance) call your local public works department to find out how to dispose of this toxic material.
Cooling the House
Consider installing a whole-house fan that uses cool air in the evening to cool the entire house and push hot air out of the attic area.
Change Your Filters
First, change your filters in your heating/cooling system. Change them regularly as recommended by the manufacturer.
Test Your System
Next change your thermostat over to "cool" and test the system by turning the temperature down. If the air conditioner does not turn on, first check to make sure no breakers are tripped. If you can't figure out the problem, call your heating and air conditioning repair person. Calling early may keep you from making an "emergency" call when the temperatures are soaring and the repair people are too busy.
If your cooling system turns on, make sure it is putting out adequate cooling. If it's not, and you can't figure out the problem, call your heating and air conditioning repair person. Make sure you set it at 78 degrees.
Replacing Your AC Unit
If your air conditioner needs replacement do it BEFORE the HOT WEATHER HITS because heating & air conditioning repair people will be very busy. And more than likely, some other things around your home need attention as well. Your air ducts may need testing for leaks and then sealed. Your attic insulation probably has compacted, so you may need to add more. Your windows and doors and other parts of the building envelope may need caulking and weather stripping. You may need solar window film to keep out the heat.
Thermostat Changes
Consider changing your old thermostat to a programmable one. You can save up to $100 a year by using a new set-back thermostat. If your thermostat is really old and uses a mercury switch (a glass tube filed with silvery substance) call your local public works department to find out how to dispose of this toxic material.
Cooling the House
Consider installing a whole-house fan that uses cool air in the evening to cool the entire house and push hot air out of the attic area.
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