Here come pending home sales ...
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% mom 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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