Inventory Drops While Sales and Prices Rise

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Home prices continued their rise in July and sales volume jumped back up from the unexpected June dip. Price per square foot is up 19 percent year over year, but is up only 1.1 percent month-over-month which is the smallest rise in the past five months and is a sign of a cooling off for the housing market. Inventory dropped sharply from June, and is already beginning its seasonal decline. Although buyers adjusted quickly to the jump in mortgage rates in June and came back to buy more homes in July, August is not predicted to be as strong as previous years. Read more about the housing market in July 2013 in our Research Center.

2013-07-home-sales-volume-history

Published on August 27th, 2013
Updated on July 15th, 2019

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Tommy is a Real Estate Data Analyst at Redfin in Seattle. He brings interesting information and insights to home buyers, sellers, owners, as well as industry experts. Throughout his career working in the real estate and analytics, he's never met a number or chart he didn't find interesting. Tommy grew up in Atlanta, GA and earned a degree in Computer Science from Georgia Tech. With his wife and two kids, you can find him on the Burke-Gilman Trail biking through Seattle, or hiking up in the Cascade Mountains.

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