The Department of Commerce will release its monthly report on new home sales at 10 a.m. ET.
Economists forecast that sales of new single-family houses fell by 1.4% at a seasonally adjusted annual rate of 584,000, according to Bloomberg.
“Housing investment is critical in order for new home sales to pick up more meaningfully,” said Deutsche Bank economists in a note on Monday.
“While the projected decline in March new home sales is largely weather-related; in general, the supply of homes on the market still remains low. In fact, this has been a key factor restraining transaction volumes for most of the current business cycle. With house prices continuing to rise and rental inflation elevated, homebuilders have ample incentives to add more inventory to the market going forward.”