New home closings moved from none a year earlier to 6 after the figure moved from 2 in December 2014 to 10 in December 2015.

Following a year-over-year rise in December, closings of new and existing homes dropped year-over-year in January.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.9% of existing closings, lower than 20.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.2% in January from 9.5% a year earlier while REO closings as a percentage of existing home closings declined to 4.7% from 10.9% a year earlier.

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