US existing home sales likely to improve in June

RBC Capital Markets notes:

Tonight's existing home sales report is one of the few notable releases out of the US this week. Our economists are calling for a modest improvement in June home sales to 5.40mn, up from 5.35mn, which is supported by the steady improvement in pending home sales (up in last five consecutive months).

Later this week (Fri)day they look for another constructive sign on the housing market-a robust new home sales report. In both cases, we could see another cycle high print, which fits with our US teams' view of a strong contribution from housing in Q2.