The combination of new inventory and increasing interest rates have lead to a leveling-off of the rapid price escalation we have seen in recent months according to data from Metrolist:
Activity remains strong though as sold numbers increased over the previous month and average days-on-market decreased over the previous month.
The amount of reduction in average sales price is a decline of 1%, which is relatively small, but notable.
Increasing interest rates have impacted the lower price points more dramatically as these buyers have lost purchasing power as rates bumped up roughly 1% in a short period. Rates have backed off a bit from their highs in early July according to data from YCharts.