Here Comes New Home Sales...

New home sales for July are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for new home sales to fall 2% to an annualized pace of 487,000 units.

This compares to an 8.3% rise to a five-year high of 497,000 units in June.

We saw a surge in homebuilder confidence in August, and existing home sales crushed expectations.

But some economists expect the pace of home prices to cool off as bargains become harder to find, inventory bottoms, and as mortgage rates rise.

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