Closings stood at 2 in March after being 0 a year earlier and remaining unchanged at 0 in February from a year earlier. New home closings moved from none a year earlier to 2 after the figure moved from none in February 2015 to none in February 2016.

For new and existing homes, closings rose year-over-year in March after also increasing in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 22.9% of existing closings, lower than 35.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.3% in March from 16.7% a year earlier while REO closings as a percentage of existing home closings dropped to 13.6% from 18.6% a year earlier.

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