Closings stood at 1 in July after being 0 a year earlier and remaining unchanged at 0 in June from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from none in June 2014 to none in June 2015.

Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 12.3% of existing home closings, higher than 9.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.1% in July from 4.7% a year earlier while REO closings as a percentage of existing home closings climbed to 9.3% from 4.7%.

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