Closings stood at 1 in June after being 0 a year earlier and remaining unchanged at 1 in May from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from 1 in May 2015 to 1 in May 2016.

Following a drop in May year-over-year, closings of new and existing homes rose year-over-year in June.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 18.7% of closings, below 31.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.0% in June from 11.6% a year earlier while REO closings as a percentage of existing home closings fell to 11.7% from 19.4% a year earlier.

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