"Another month of rising housing inventory gives buyers some additional options and a little more bargaining power. While the level of inventory remains incredibly low by historic norms, it is now on a trajectory that should give buyers reason to hope for a cooldown in price growth this winter, consistent with normal seasonal trends." --Jeff Tucker, Senior Economist at Zillow.

Mortgage applications decreased 4.0 percent from one week earlier, the Mortgage Bankers Association reported in its Weekly Applications Survey for the week ending July 16. The previous week’s results included an adjustment for the Fourth of July holiday.