Here Comes Existing Home Sales...

Existing home sales for June are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for a 1.5% month-over-month rise to an annualized rate of 5.26 million units.

This compares to a 4.2% rise to 5.18 million in May.

Housing inventory has been increasing since January and currently stands at 5.1 months' supply. Tight supply of housing had previously weighed on existing home sales.

Existing home sales account for a larger share of the market than new homes, so it will be interesting to see how these hold up as home prices continue to gain.