The National Association of Realtors (NAR) reported this morning that Pending Home Sales in June declined by 0.4% versus the -1.7% expected. The NAR said that higher home loan rates put a crimp in sales in June. The index hit a six year high in May. Pending Home Sales is a contract that has been signed, but that has not closed.
The trading week kicked off this morning and was met with quiet trading in the absence of any major economic data points other than Pending Home Sales. The rest of the week’s economic calendar offers a plethora of data, which includes, Gross Domestic Product, housing data, the Federal Open Market Committee meeting and culminates on Friday with Non-farm Payrolls.
The regularly scheduled Federal Open Market Committee meeting will begin on Tuesday where members will discuss monetary policy and interest rates and ends with a policy statement on Wednesday at 2:00pm ET. There will be no press conference or economic projections associated with this meeting. The talks will most likely center around whether or not the current Quantitative Easing program will continue through this year or end before the year ends possibly sometime in the fall.