Here come pending home sales ...

Data on pending home sales for the month of May will be released at the top of the hour.

Economists estimate that pending sales rose 1.1% month-over-month, a slowdown from 3.4% in April, according to Bloomberg. Year-over-year, they forecast an 11.8% rise, lower than the 13.4% print recorded last month.

The data from the National Association of Realtors include transactions in which a contract has been signed, but not yet concluded.

In a weekly preview of the economy, Bank of America Merril Lynch wrote: “This measure of home sales has been rising steadily since January despite the harsh winter weather. This therefore set up for a solid selling season. The improvement in pending home sales has been supported by a gain in mortgage applications and new home sales.”

We’ll be back with the numbers as soon as they cross.

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