by Bill McBride on 7/22/2017 08:09:00 AM
The key economic reports this week are the advance estimate of Q1 GDP, New and Existing Home sales for June, and Case-Shiller house prices.
The FOMC meets on Tuesday and Wednesday, and no change to policy is expected.
10:00 AM: Existing Home Sales for June from the National Association of Realtors (NAR). The consensus is for 5.58 million SAAR, down from 5.62 million in May.
The graph shows existing home sales from 1994 through the report last month.
Housing economist Tom Lawler expects the NAR to report sales of 5.59 million SAAR for June.
9:00 AM: FHFA House Price Index for May 2017. This was originally a GSE only repeat sales, however there is also an expanded index.
This graph shows the nominal seasonally adjusted National Index, Composite 10 and Composite 20 indexes through the April 2017 report (the Composite 20 was started in January 2000).
The consensus is for a 5.8% year-over-year increase in the Comp 20 index for May.
10:00 AM: Richmond Fed Survey of Manufacturing Activity for July.
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
This graph shows New Home Sales since 1963. The dashed line is the May sales rate.
The consensus is for 612 thousand SAAR, up from 610 thousand in May.
2:00 PM: FOMC Meeting Announcement. No change to policy is expected at this meeting.
8:30 AM ET: The initial weekly unemployment claims report will be released. The consensus is for 240 thousand initial claims, up from 233 thousand the previous week.
8:30 AM: Durable Goods Orders for June from the Census Bureau. The consensus is for a 3.2% increase in durable goods orders.
8:30 AM: Chicago Fed National Activity Index for June. This is a composite index of other data.
10:00 AM: the Q2 Housing Vacancies and Homeownership from the Census Bureau.
11:00 AM: the Kansas City Fed manufacturing survey for July.
8:30 AM: Gross Domestic Product, 2nd quarter 2017 (Advance estimate). The consensus is that real GDP increased 2.6% annualized in Q2, up from 1.4% in Q1.
10:00 AM: University of Michigan’s Consumer sentiment index (final for July). The consensus is for a reading of 93.1, unchanged from the preliminary reading 93.1.