Here come pending home sales ...

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

Economists forecast that pending sales rose 1.2% month-on-month, according to Bloomberg. They forecast that year-on-year, and not seasonally adjusted, sales rose 3%.

Pending sales are based on signed contracts for existing single-family homes, condos and coops, and are a leading indicator of the housing market.

"Early indicators of housing activity suggest continued growth," noted Bank of America Merrill Lynch economists on Wednesday.

"A gain in pending home sales implies further upside for existing home sales, which reached a nine-year high last month."

More to come.

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