Closings stood at 1 in March after being 0 a year earlier and remaining unchanged at 1 in February from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from 1 in February 2015 to 1 in February 2016.
Closings of new and existing homes sank year-over-year in March after also falling in February year-over-year.
Other Market Trends
The average size of newly sold homes was 1,722 in March 2016 while there were no new home closings a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 19.6% of existing home closings, down from 25.2% a year earlier. The percentage of existing home closings involving foreclosures went from 11.8% in March 2015 to 12.1% in March 2016 and REO closings as a percentage of existing home closings dropped to 7.5% from 13.4% a year earlier.