B4 • Friday, July 30, 2021
US home prices surge 17% in May, fastest in 17 years ASSOCIATED PRESS WASHINGTON — Prices for U.S. homes rose faster in May than they have in 17 years as surging demand for housing outstripped the supply. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, soared 17% in May from a year earlier on top of a 15% jump in April. The May increase was the biggest since August 2004. The hottest markets were Phoenix (where prices surged 25.9%), San Diego (24.7%) and Seattle (23.4%). All 20 cities reported faster year-over-year growth in May than they did in April. The U.S. housing market has been hot. Many Americans, tired of being cooped up at home during the pandemic, have traded in apartments and small homes in city for bigger houses in the suburbs. The Federal Reserve’s easy money policies have also kept mortgage rates near historic lows, pushing up demand for housing. The supply of houses for sale has been limited, partly because many Americans are reluctant to put their properties on the market and allow would-be buyers to troop through their homes. But rising prices have pushed many would-be buyers out of the market. The Commerce Department reported Monday that sales of new homes fell in June for the third straight month, sliding to the lowest level in more than a year. Last week, the National Association of Realtors reported that sales of previously occupied homes rose in June, snapping a fourmonth losing streak. “Price pressures remain very firm and appear ready to stay that way in the months to come,’’ said Matthew Speakman, economist at the real estate firm Zillow. “Indeed, sharply rising prices do appear to have priced out some home shoppers, particularly those looking to enter the market for the first time, and causing fatigue among would-be buyers. But overall demand for homes remains very firm.’’
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THE GARDEN ISLAND
Energy-saving tips to keep your cool this summer late sunsets, there are plenty of opportunities throughout the day to let in a little extra light without using electricity. However, there can be cloudy skies and rainy days during the summer when the lights in your home can be necessary. The Lutron Maestro Dimmer can automatically turn lights on and off when you enter or leave a room. It’s a simple, easy and low-cost way to save energy and add light automation to your home. It can automatically adjust to a favorite dimmed level when you walk in, then turn the lights off when you leave.
BRANDPOINT There’s a lot to love about summer. At the same time, the season can run up your electric bill fast, especially for Americans living in places where summer temperatures are reaching record highs. According to recent reports, states like Washington and Oregon have seen recording-breaking temperatures this summer - just recently, Salem, Oregon, reached 117 degrees and Seattle reached 106 degrees. Even if things are heating up in your area, there are many ways to keep your body temperature and electric bill down this summer. Here are a few things you can do: Spend more time outdoors
biggest energy sucker in your If the weather isn’t dangerously home. Yes, having it on is crucial for keeping your home cool, but hot, spending time outdoors can be a great way to enjoy your sum- you’re likely not home all day, evmer. Plus, the more time you ery day. spend outdoors, the less time you With its energy-saving capabilispend using electricity in your ties, the Google Nest Thermostat home, even if you have the AC is the ideal thermostat for your running. There are plenty of outhome. Its easy installation and door activities you and your loved auto temperature-adjusting capaones can do this summer that bilities mean you can save more won’t cause your electric bill to on your electric bill every month. skyrocket, like: It can turn itself down when you w Adding an umbrella to your leave the house, so you don’t pool/porch waste energy cooling an empty w Having a picnic in the shade home. w Going on a run And with its Savings Finder feaw Going on a hike ture, it looks for ways to help you w Adding a shade structure, like save even more. a pergola Plus, you can control the temperature in your home from alAutomate your thermostat most anywhere by using Google Your thermostat is probably the Home app.
Use your fan instead of your AC Use electricity during off-peak hours The time of day you use electricity can also affect your electric bill. Energy companies tend to charge more during what they call “peak hours,” where demand for electricity is highest. These peak hours are typically early in the morning or late at night. However, those peak hours have changed as more people are working remotely. Reducing the amount of electricity use during peak hours when reasonable can lessen the load on the power grid and save you some money every month. Turn down your lights Alongside your AC, your lights can increase your electric bill too. In the summer months this is an easy fix, with early sunrises and
A room fan can provide an affordable alternative to your AC. According to the U.S. Department of Energy, it costs about 36 cents an hour to run your AC; it costs about a penny an hour to run a ceiling fan. So as long as you run your fan responsibly with other energy-saving strategies, it can help reduce your electric bill. With its dimmable LED lighting and versatile color temperatures, the Hampton Bay Mena Ceiling Fan uses the perfect combination of technology and energy-saving resources to help you lower your electric bill. It is EnergyStar rated and is 50% faster to install than your traditional fan. Plus, the fan is damp rated and can be used on porches or patios too. You can find more energy-saving products like this at your local Home Depot store.
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US average mortgage rates mixed; 30-year loan rises to 2.80% ASSOCIATED PRESS WASHINGTON — Mortgage rates were mixed last week. The key 30-year home loan remained below 3% for the fifth straight week amid continued concern over the surging delta coronavirus variant and the progress of economic recovery. Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year mortgage edged up to 2.80% from 2.78% last week. The benchmark rate, which reached a peak this year of 3.18% in April, stood at 2.99% a year ago. The rate for a 15-year loan, a popular option among homeowners refinancing their mortgages, fell to 2.10% from 2.12% last week. In a fresh sign that the U.S. has enjoyed a sustained recovery from the pandemic recession, the government reported Thursday that the economy grew at a solid 6.5% annual rate last quarter. The total size of the economy has now surpassed its pre-pandemic level. Another positive government report showed that the number of Americans seeking unemployment benefits slid last week, with jobless claims dropping by 24,000, to 400,000.
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