A trio of U.S. housing indicators and a closely watched consumer sentiment gauge are set for release on Tuesday, providing fresh signals on the health of the real estate market and household confidence.
Building permits, a leading indicator for residential construction, are projected to rise to 1.443 million in July from 1.374 million in June, a 5.0% increase that would reverse June’s 2.6% decline. The data, due at 7:00 AM ET, follows recent reports showing mixed signals in the housing sector, with mortgage rates remaining elevated despite some stabilization in home prices.
New home sales, also scheduled for 9:00 AM ET, are forecast at 620,000 units, a slight pullback from the prior month’s 628,000. The June figure marked a 1.6% gain, suggesting a gradual recovery in demand after a period of volatility. The Conference Board’s Consumer Confidence index, due at the same time, is expected to edge down to 90.3 from 90.8 in July, reflecting persistent concerns over inflation and labor market uncertainty.
In addition to the housing and sentiment data, Richmond Federal Reserve President Thomas Barkin is slated to deliver remarks at 9:00 AM ET, potentially offering further insight into the central bank’s policy trajectory. The Richmond Fed’s manufacturing and services indices, also due Tuesday, are forecast to show modest improvement, with the manufacturing index expected to rise to 7 from 5 in July.
Housing-related metrics such as the S&P CoreLogic Case-Shiller 20-city index and the FHFA House Price Index are also on tap, with the former projected to rise 1.9% year-over-year in June, up from 1.6%, and the latter forecast at 0.2% month-over-month, down from 0.3%. These figures will be closely monitored for signs of sustained price growth or renewed softness in the market.
The day’s data slate concludes with a 2-year Treasury note auction at 12:00 PM ET, following last month’s yield of 4.315%. Analysts will assess demand for shorter-duration debt as investors weigh the outlook for Federal Reserve policy amid evolving economic conditions.
