There Are Two Important Housing Data Points Coming Out Tomorrow

First is the S&P/Case-Shiller home price index for January, out at 9 a.m. ET.

Economists polled by Bloomberg are looking for home prices to rise 0.8 percent month-over-month (MoM), and 7.85 percent year-over-year.

This compares with a 0.88 percent MoM and 6.84 percent YoY rise in the 20-city index in December.

This is followed by new home sales for February out at 10 a.m. ET. Economists polled by Bloomberg are looking for new home sales to fall 3.9 percent MoM, to an annual rate of 420,000.

This compares with a 15.6 percent rise in January to an annual rate of 437,000.

Housing analysts have been getting increasingly bullish on housing and have upwardly revised home price forecasts. Others warn that a lot of the increase in home prices is being fueled by investor demand and not more traditional homebuyer demand. Economists closely watch indicators like new home sales, that also give us insight into housing supply, because they