US pending home sales expected to remain on uptrend in June

US pending home sales data likely to release on 29th July. Pending home sales data registered 0.9% month on month gorwth in May is expected to improve in June.

Available state and local multiple listing service data suggest that the number of homes entering contract remained on an uptrend in June. 

According to Societe Generale, "Our call for a 1.1% advance to 113.8 last month would place the National Association of Realtors' (NAR) leading home-sales gauge at its highest level since March 2006. If realized, our forecast would be consistent with existing home sales (closings) rising by a similar percentage amount to a new expansion high seasonally adjusted annual rate of 5.55 million dwellings in the NAR's July report."