Home Depot recently revealed its second quarter results revealing that it experienced a record number of transactions in the last three months. Multiple market watchers believe the health of home depot is a sign of the housing market recovery overall, CNNMoney said in a report.
"All of that suggests Americans are ramping up spending on efforts to spruce up newly-purchased homes or ones they'd like to sell," CNNMoney said. "While housing might not be back to pre-crisis levels, it's certainly looking a lot healthier."
“The fact the builder confidence has been in the low 60s for three straight months shows that single-family housing is making slow but steady progress,” said Tom Woods, NAHB chairman and a home builder from Blue Springs, Missouri. “However, we continue to hear that builders face difficulties accessing land and labor.”
Additionally, on Tuesday, single-family construction starts climbed higher for the month of July, while permits and completions dropped, according to residential construction statistics for July 2015 jointly released by the U.S. Census Bureau and HUD.
According to the data, single-family housing starts were at a rate of 782,000 in July, 12.8 percent above the revised June figure of 693,000.
Selma Hepp, Trulia's chief economist weighed in on the new residential data, finding that although single-family starts were up in July, they are still running below historical levels.
"Finally a little bit stronger than multi-family starts, the single-family starts are still below long-run average in most major metros across the county," Hepp said. "In fact, Trulia’s latest study reveals that the single-family component is still well below historical norms even in metros seeing improvement in annualized permit activity. Only 13 out of the 100 largest U.S. metros saw increases in single-family construction over their historical norms, most notably in Austin, Houston, Charleston and Nashville."