Here come pending home sales ...

The National Association of Realtors will release data on pending home sales at 10 a.m. ET.

Economists forecast that pending sales rose by 1% during the month, according to Bloomberg.

The series serves as a forward indicator of future sales since it measures contract signings for single-family homes, condos, and co-ops.

"The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing costs," said NAR chief economist Lawrence Yun, in last month's release. Pending sales increased 1.6% in December.

More to come ...