Here come existing home sales ...

The National Association of Realtors will release data on existing home sales during May at 10 a.m. ET.

Economists forecast that sales of existing condos, co-ops and single-family homes rose 1.8% at a seasonally adjusted annual rate of 5.55 million.

“Pending home sales have been exceptionally strong over the past few months, which imply an increase in closed contracts,” wrote Bank of America Merrill Lynch analysts in a note.

“Moreover, existing home sales have recently looked weaker than new homes and mortgage purchase applications, which imply there is scope for catch-up with stronger existing home sales.”

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