Pending home sales index (PHSI) for June are out at 10 a.m. ET.
Economists polled by Bloomberg are looking for pending home sales to fall 1% month-over-month, and rise 8.3% year-over-year.
This compares with a 6.7% mum rise in May, and 12.5% YoY rise. Bank of America’s Michelle Meyer expects a decline of 2% on the month. She expects some of the decline to be on accounts of a “give-back following a 6.7% surge in May.”
Economists will also be watching to see how pending home sales respond to rising mortgage rates. The 30-year rate stands at 4.31% according to Freddie Mac’s primary mortgage market survey.
Investors watch this number because it is considered a leading indicator of the housing market. The PHSI looks at all homes where a contract has been signed but the sale is not complete.
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