Here comes homebuilder sentiment ...

The National Association of Homebuilders will release its latest housing market index at 10:00 a.m. ET.

The index is based on a survey of members and aims to gauge their outlook on the single-family housing market.

Economists estimate that, in August, the index was unchanged from the prior month at 61. That’s a nine-year high, and reflects the continued strength of the housing market recovery.

But in a preview to clients, Bank of America Merrill Lynch economists wrote: “We suspect that the financial market turmoil over the past several weeks and concern about the Fed’s hiking cycle will weigh on homebuilder sentiment. However, the fundamentals of the housing market remain strong with recent data showing low inventory and greater buyer interest.”

We’ll have the latest details once they cross.

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