Housing Data Mixed for Starts, Permits and Home Depot Earnings

Housing Market Overview - Housing Starts for July reached 1.43 million seasonally adjusted, annualized units, significantly exceeding the projected 1.29 million and the revised 1.36 million from the previous month, marking the highest level since February and the third-best month in the past year [2] - In contrast, Building Permits fell to 1.35 million, below the expected 1.39 million and the downwardly revised 1.39 million from the prior month, indicating a fourth consecutive monthly decline [3] Multi-family vs. Single-family Housing - Multi-family housing saw a substantial increase of +11.6% month over month and +27% year over year, suggesting strong demand for apartment and condo living despite high supply [4] - Single-family housing growth was positive but lagged behind, with increases of +2.8% month over month and +8% year over year, impacted by high mortgage rates keeping potential buyers sidelined [5] Home Depot Financial Performance - Home Depot reported Q2 earnings of $4.68 per share, missing the Zacks consensus by 3 cents, resulting in a -0.64% earnings surprise, marking the second consecutive earnings miss [6] - Revenues for the quarter were $45.38 billion, slightly below expectations by -0.5%, but still up nearly +5% year over year, with the company maintaining its fiscal year guidance, contributing to a +1.6% increase in stock price during early trading [7] Upcoming Market Events - Fed Vice Chair Michelle Bowman, a dissenter at the last FOMC meeting, is scheduled for appearances today, ahead of the release of the meeting minutes, which may provide insights into potential interest rate cuts at the next FOMC meeting on September 16 and 17 [8] - Luxury homebuilder Toll Brothers is set to report Q3 earnings, with estimates indicating a slight year-over-year decline in earnings (-0.28%) but a revenue increase of +4.56% compared to the same quarter last year [10]