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Housing market cools, inventory comes down

Yahoo Finance Live anchors Akiko Fujita and Brian Cheung break down the chart of the day.

Video Transcript

[MUSIC PLAYING]

BRIAN CHEUNG: Turning now to our chart of the day. We want to highlight data on housing starts, which came in this morning. This comes from the Census Bureau, and it's a key indicator for future home supply. And what's really interesting is, we actually saw this fall to a 17-month low.

The reason why this chart is so zoomed out is because I just want to show you what happened post financial crisis. But look, there has been a lot of movement in the housing space, a lot of air taken out by higher mortgage rates.

AKIKO FUJITA: Yeah, no question about that. And now we're talking about inventory coming down as well. For a while, it felt like we were going to see the increase there, right, as homebuyers were sort of saying, well, with the higher rates, maybe we need to take a step back.

BRIAN CHEUNG: Well, and the real challenge, though, is that a hot housing market depends a lot on what's the supply of available inventory. So if you have fewer homebuilders actually starting homes, then you do worry about whether or not those pricing pressures will ever actually alleviate.

AKIKO FUJITA: The trickle effect, yep.

BRIAN CHEUNG: So something worth watching there.