Organic-inorganic metal halide perovskites are notoriously unstable in humid environments. While many studies have revealed the morphology and crystal structure changes that accompany exposure to humidity, little is known about changes to the photophysics that accompany the degradation process. By combining in situ steady-state and time-resolved photoluminescence with Hall effect measurements, we examined the changes in the photoexcited carrier dynamics for methylammonium lead iodide (MAPbI3) and bromide (MAPbBr3) films exposed to nitrogen gas containing water vapor at 80% relative humidity. The changes in the photophysics of MAPbI3 interacting with water follow a four-stage process, consisting of surface passivation, free electron doping, interfacial hydration, and bulk hydration. In contrast, MAPbBr3 exhibits only features associated with the first two stages, which occur at a faster rate. Our results elucidate the degradation mechanisms of perovskite films in high humidity from the perspective of the photophysics, providing insights for how humidity affects the stability of the perovskite materials.