At 10:00 a.m. ET, the National Association of Realtors will release its latest data on US existing home sales.
According to Bloomberg, economists forecast that existing sales dropped 2.7% in October at an annual rate of 5.40 million.
After a 4.7% increase at an annual rate of 5.55 million in the prior month, a pullback is likely, according to Capital Economics in a note to clients on Monday.
“Pending home sales have softened over the past three months, suggesting a slowdown in signed contracts,” wrote Bank of America Merrill Lynch economists in a client preview. “Moreover, given how strong existing home sales have been throughout the first half of the year, we would expect some moderation.”
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