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Here come pending home sales …

Larry Downing/Reuters

The National Association of Realtors will publish its monthly report on pending home sales at 10: a.m. ET. 

Economists forecast that pending sales of condos, coops, and single-family homes rose 0.5% in April from the prior month, according to Bloomberg. Pending sales are based on signed contracts that have not yet closed, so they are a leading indicator of future sales.

Last month, the NAR said the stock market’s rise and the expectation that interest rates would rise was spurring “significant interest” in homebuying. Housing supply — especially in the more affordable lower-to-mid price range — was not keeping up with the level of demand as the market entered the busy spring season, the NAR said.

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