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.”