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.