Sellers nationwide sought more for their home last month, but the rapid rise in prices appears to be slowing, according to a new report.
Asking prices are up 1.2% from July and 11% from last year, real estate website Trulia said Thursday. Orange and Los Angeles counties, as well as the Inland Empire, saw yearly gains of more than 20%.
But potential buyers now face higher mortgage rates than in the spring and more homes on the market, although inventory remains very tight. That is having some effect on prices, Trulia said.
Asking prices have risen 3.1% in the last three months compared to a 4% rise in the three months ended in April. In July, the firm’s three-month average increased 3.2% from the three months ending in June.
Trulia said it expects price increases to moderate further as “mortgage rates rise, inventory expands, and investor interest declines.”