Here come pending home sales ...

At 10:00 a.m. ET, the National Association of Realtors will release data on pending home sales in April.

Economists forecast that sales, based on contracts for previously owned homes, rose 0.9% month-over-month, and 10.9% year-over-year, according to Bloomberg.

In March, pending home sales crushed expectations, rising 1.1% from the previous month, and 13.4% year-over-year.

In their weekly preview note, Nomura economists wrote:

“Pending home sales have increased on a year-over-year basis for four consecutive months after slumping for a year before. If sustained, we are likely to see continued solid improvement in existing home sales in the coming months, which should bolster the housing market recovery.

“With the adverse weather conditions behind us, a gradual pace of improvement is on tap, given improving labour markets and income for potential young homebuilders.”

We’ll be back with the numbers once they cross …

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