At 10:00 a.m. ET, we’ll get the latest monthly data on existing home sales.
Economists forecast that home sales rose 0.9% month-on-month at an annualized pace of 5.40 million in June according to Bloomberg.
In May, sales climbed 5.1% at an annualized pace of 5.35 million.
In a preview of the data to clients, Bank of America Merrill Lynch economists wrote: “After the strong 5.1% gain in May, we expect existing home sales to slip back, falling 1.0% to 5.3 million in June. Smoothing through the monthly swings, this would still imply a modestly higher pace of activity. Pending home sales, which track signed contracts, have increased steadily since January. Moreover, mortgage purchase applications have been on a higher trend. Thus, while we expect a slight decline in June, it does not offset the gain in May and continues to point to improving home sales.”