Here come pending home sales ...

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.”

We’ll be back with all the details once they cross.

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