Here come new home sales ...

The Census Bureau will release the latest data on new home sales at the top of the hour.

Economists estimate that the number of newly constructed homes grew 0.3% month-over-month to an annualized pace of 548,000 in June, according to Bloomberg.

In May, new home sales jumped 2.2% month-over-month to an annual rate of 546,000 — the highest level since February 2008.

In a note previewing the economic data this week, Bank of America Merrill Lynch wrote: “New home sales are likely to continue to improve, increasing to 555,000 in June. The NAHB homebuilder survey has been strong, reaching a 60 level in June and July. Builders are reporting an increase in traffic, which is also consistent with the pickup in mortgage purchase applications.”

We’ll be back with the report when it crosses.

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