Closings stood at 7 in June after being 0 a year earlier and remaining unchanged at 4 in May from a year earlier. New home closings moved from none a year earlier to 7 after the figure moved from 4 in May 2015 to 4 in May 2016.

After rising year-over-year in May, closings of new and existing homes slid year-over-year in June.

Other Market Trends

Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 30.7% of existing home closings, below 36.3% a year earlier. The percentage of existing home closings involving foreclosures went from 15.0% in June 2015 to 15.3% in June 2016 and REO closings as a percentage of existing home closings fell to 15.3% from 21.2% a year earlier.

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