New home closings moved from none a year earlier to 2 after the figure moved from 1 in May 2015 to 1 in May 2016. Closings stood at 2 in June after being 0 a year earlier and remaining unchanged at 1 in May from a year earlier.

Following a year-over-year decline in May, closings of new and existing homes also fell year-over-year in June.

Other Market Trends

Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 15.3% of existing home closings, above 13.2% a year earlier. The percentage of existing home closings involving foreclosures went from 6.5% in June 2015 to 7.0% in June 2016 and REO closings as a percentage of existing home closings jumped to 8.2% from 6.7%.

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