The strong July existing home-sales data will push the national housing story into the background in favor of local market trends, said Budge Huskey, CEO of Coldwell Banker Real Estate. Huskey said he is seeing prices decelerate, which is normal after seeing gains of 10% that are not reflective of a normal market. Moving forward, he expects the market will move to moderate price gains more closely aligned with overall macroeconomic environment indicators such as job and wage growth. As for inventory, Huskey said homes that are market ready are selling quickly. However, he said his agents are finding that homes that are not fully prepared for sale are languishing even in markets with reduced inventory.

More from Video

REPLAY: Jim Cramer on Tariff Worries, Oil, Alphabet and Centene

REPLAY: Jim Cramer on Tariff Worries, Oil, Alphabet and Centene

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Video: Athens Stock Exchange CEO on What's Next for Greece's Debt Woes

Will Tesla CEO Elon Musk Really Pulverize the Haters?

Will Tesla CEO Elon Musk Really Pulverize the Haters?

Jim Cramer's Investing Rule #4: Buy Damaged Stocks, Not Damaged Companies

Jim Cramer's Investing Rule #4: Buy Damaged Stocks, Not Damaged Companies

Jim Cramer's Investing Rule #3: Don't Buy Stocks All at Once

Jim Cramer's Investing Rule #3: Don't Buy Stocks All at Once