New home sales for May are out at 10 a.m. ET.
Economists polled by Bloomberg are looking for new home sales to rise 1.3% on the month to an annualized rate of 460,000.
This compares with a 2.3% month-over-month rise in April to 454,000.
Economists watch the new home sales number to get an insight into housing supply, because tight supply helps support home prices. It also reflects the health of the American consumer.
Last week we saw May existing home sales rise 12.9% on the year to an annualized rate of 5.18 million. But housing supply fell to 5.1 months supply at current sales pace.
Earlier today we saw S&P Case-Shiller home prices climbed 12.05% beating expectations, and the FHFA home price index rise 0.7%, below expectations for a 1.1% rise.
Some economists expect home prices to cool by the end of the year and we will closely track this data for clues on where home prices will go.
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