Trulia: Rising mortgage rates, expanding inventory have cooling effect on asking prices

Asking prices for homes showed signs of losing steam in July, posting their first month-over-month decline since last fall. Nationally, asking prices were down a seasonally adjusted 0.3 percent from June to July, Trulia said, attributing the slack to rising mortgage rates, expanding inventory and declining investor demand.

Looking back a year, asking prices were still up 11 percent, and gained 3.3 percent from the previous quarter. Quarter-over-quarter gains were lower than the previous quarter in 64 out of 100 U.S. metros. Source: Trulia.com.