At 10:00 AM the second of the two home sales releases will be announced, when the June number for US New Home Sales is released.  The New Home Sale market in the US represents approximately 15-20% of the home sale market.   Last month the index declined to 512,000 annualized units.  The recent low was 501,000 units in March which was the lowest level since 1991.  The expectation is for the sales pace to slow to 505,000 units. 

In addition to the sale pace, the month supply and average home sale price will be announced.  The sales supply increased to 10.9 months from 10.7 months in April.  A supply of 5-6 months is a normal supply in a healthy market.  The average sale price declined to $231,000.  This is down from $262,600 in March 2007.