Closings stood at 1 in October after being 0 a year earlier and remaining unchanged at 0 in September from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from none in September 2014 to none in September 2015.
Following a year-over-year decline in September, closings of new and existing homes also fell year-over-year in October.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 6.3% of existing home closings, below 21.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to no part in October from 13.9% a year earlier and REO closings moved from 7.3% of existing home closings in October 2014 to 6.3% in October 2015.