REUTERS/Richard Clement
Economists polled by Bloomberg are looking for pending home sales to stay flat on the month in July and rise 7.9% year-over-year.
This compares with a 0.4% month-over-month decline and a 9.1% YoY rise in June.
Economists will be watching for the impact of higher mortgage rates on pending home sales activity. The 30-year mortgage rate hit a new two-year high of 4.58%.
Investors watch this number because it is considered a leading indicator of the housing market. The PHSI looks at all homes where a contract has been signed but the sale is not complete.