Prices expected to balance out month to month
Those fearing the housing bubble apocalypse can finally breathe — it looks like home prices may begin to move laterally on a month-over-month basis moving forward.
While the median cost per square foot rose 14.9% year-over-year in July, inventory fell by almost 16% in the same period. Meanwhile, on a monthly basis, the median list price per square foot held steady from June to July, while the number of homes listed for sale increased.
The stagnant list price month-over-month is an indicator that the inventory supply is beginning to catch up with demand, according to the latest report from Movoto Real Estate.
Higher mortgage rates coupled with increased inventory will stunt price appreciation, slowing the quickly rising pace of home prices.
Read the full report here.