Because of the depressed real estate market, properties aren't selling as fast, and many owners are faced with the likelihood that they'll have to remain in their homes for longer than originally planned, Every says.

But this isn't necessarily a bad thing. "In the past, homeowners signed up for risky mortgages and credit lines in order to 'move up' and buy a house that was larger than they could afford," she says. Now that those types of mortgage loans are no longer available, owners will be less likely to have large mortgages that they can't pay, she says.

Another cost-cutting move for consumers is to wait longer to schedule major work, such as remodeling a kitchen, says Every. Homeowners want to save money and pay for the jobs with cash on hand instead of taking out home equity loans, she says.

People are also saving more by handling minor home-related tasks such as landscaping themselves instead of paying someone to do it, Every says.