At 9:00 a.m. ET, we’ll get the latest S&P/Case-Shiller home price index.
Economists estimate that home prices rose 0.8% month-over-month in April and 5.5% year-over-year, according to Bloomberg. That’s compared to 0.95% month-over-month in March, and 5.04% year-over year.
In their weekly preview of the economy, Bank of America Merrill Lynch economists wrote: “Given the challenges seasonally adjusting the data, we think there was an upward bias in the winter months and downward bias in the spring and summer. This suggests we might see a string of weak monthly growth rates. We therefore advise caution when analysing the monthly changes and advise focusing on the yoy growth rate.”