US pending home sales to remain on an uptrend in June

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

"Indeed, a 1.1% is expected 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", forecasts Societe Generale. 

If realized, this 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.