House prices spiked to over $400,000 in July, new data shows, easing fears of an imminent house price crash.The average home sale price last month rose to $406,700, according to the National Association of Realtors (NAR) - a 1.9 percent increase from a year prior. Property prices typically rise when there is a strong buyer demand, but sky-high mortgage rates have meant that many homeowners are choosing to stay put, leading to a chronically low real estate inventory.
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