Here come pending home sales ...

The National Association of Realtors will release data on pending home sales during May at 10 a.m. ET.

Economists forecast that pending sales fell 1.1%, according to Bloomberg, following a 5.1% jump in April to the best level in a decade.

Pending home sales are a forward-looking indicator of the housing market, as they are based on signed contracts prior to final sales.

Here’s a preview from Bank of America Merrill Lynch:

“Pending home sales are likely to fall back slightly, declining 1.0% mum in May. This would be a payback from the prior three months of strong gains. Our forecast for a slight drop is largely to reflect the typical volatility in the data. We think it is prudent to smooth through the monthly swings to reveal a modest underlying upward trend in home sales.”

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