Housing Market Cooling Off

This year has seen a hot housing market, featuring low inventory, multiple bids, and same day offers. While the market is still recovering, it's starting to even out. In much of 2012 and earlier this year, home prices were increasing faster than they are now, and inventory was near record lows, which supported a competitive atmosphere and high asking prices. In July, asking prices declined by 1/3 of a percent--the first monthly drop since November. In July, home showings dropped by 3.5 percent, and signed contract offers were down 11 percent when compared with June. For a brief, current update on the housing market, watch "This Month in Real Estate," below.