Here come new home sales ...

The Census Bureau will release data on new home sales during May at 10 a.m. ET.

Economists forecast that sales fell 9.5% at a seasonally adjusted annual rate of 560,000, according to Bloomberg.

Via Bank of America Merrill Lynch:

"We think new home sales will fall by 5%, to 585K, in May, partly reversing the strong 16.6% increase in April. Morever, the risk is that the April data are revised lower, given the tendency for these data to be revised. But even assuming that the gain in April is moderated, the recent trend in new home sales has been robust, consistent with the strong gains in mortgage purchase applications and pending home sales."

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