This coming week, an increase in pending home sales in May points to higher sales of existing homes in July.
All-cash sales of distressed property to investors could also provide a boost. New home sales are expected to pick up 7%, as indicated by improvements in builder confidence.
Wednesday, August 22 ? Existing Home Sales (Jul.)
Existing Home Sales likely rose 1.8% to a 4.45 million annual rate in July. A 5.4% increase in pending home sales in May should lift closings in July. All-cash purchases of distressed properties could also provide a boost.
Thursday, August 23 ? New Home Sales (Jul.)
New home sales are expected to have bounced back in July, climbing 7.1% to 375,000 units. We also expect upward revisions to the three previous months. The initial new home sales estimate has been revised up eight straight times.
Friday, August 24 ? Durable Goods Orders (Jul.)
Orders for durable goods likely increased 4.0% in July. But most of the strength was probably in aircraft; Boeing garnered 260 orders, up from 21 in June. Most other categories will probably see only mild gains, and the sole significant positive for core capital goods will be volatile turbine machinery orders. Reversal in June?s surge in defense orders could also limit overall gains.
