At 10:00 a.m. ET, we’ll get the latest data on signed contracts for existing homes and condos from the National Association of Realtors (NAR).
Economists estimate that pending home sales rose 0.9% month-on-month in June, unchanged from May, and rose 11.1% year-over-year versus 8.3% prior.
The jump in May was the highest level of pending home sales in nine years.
Last Wednesday, data from the NAR showed that existing home sales rose 3.2% to an annualized pace of 5.49 million — the fastest since February 2007.
In a note previewing the data this week, Bank of America Merrill Lynch economists wrote: “We expect pending home sales will increase 1.0% in June, which would mark the sixth consecutive gain. A broad range of indicators have shown continued gains in homebuyer activity, with mortgage purchase applications higher and NAHB homebuilder sentiment improving.”
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