Even though the year-over-year change increased to 11%, price gains slowed in recent months and reversed in July, down 0.3% month-over-month — the first slowdown in 2013 thus far.

"If you were worried about a housing bubble, July’s asking-price slowdown will probably be the best news you’ve heard this year," said Trulia (TRLA) Chief Economist Jed Kolko. “The asking home price slowdown in July could be the start of the return to normal price gains. The blazing fast price increases we’ve seen in recent months could not last, especially with rising mortgage rates, expanding inventory, and declining investor interest.”