At 10:00 a.m. ET, we’ll get the latest tally on existing home sales.
Economists expect that sales rose 0.8% month-on-month to an annualized rate of 5.23 million, according to Bloomberg.
In March, existing home sales rose 6.1% to an annualized rate of 5.19 million — the fastest pace of growth in 18 months.
Existing home sales include completed transactions on single-family homes, townhomes, condominiums, and co-ops.
Ahead of the release, Wells Fargo economists wrote: “Supply constraints pose a threat to a strong spring home buying season, although inventories ticked up in March. Despite this concern, we expect existing home sales posted a slight gain in April, rising to a 5.23 million seasonally adjusted annual rate.”
On Tuesday, we got data showing that housing starts surged 20.2% in April to an annualized pace of 1.135 million, the highest level since November 2007.