Here come new home sales ...
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Thomson Reuters
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Economists forecast that sales fell 8.3% at a seasonally adjusted annual rate of 600,000, according to Bloomberg.
That would be a sharp pullback from a strong pace last month, by 12.4% at a rate of 654,000, which was the strongest since 2007. But monthly housing data are among the most volatile.
"Looking past the monthly noise, we think the trend is generally stronger for home sales and construction, but it remains a bumpy path toward recovery," wrote Bank of America Merrill Lynch economists in a preview.
"Despite our expectations of continued improvement, we think residential investment will likely be negative in 3Q, serving as a very slight drag to GDP growth."
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