Rebounding from a year-over-year decline in December 2015. New home closings moved from none a year earlier to 3 after the figure moved from 3 in December 2014 to 2 in December 2015.
Following a year-over-year increase in December, closings of new and existing homes also rose year-over-year in January.
Other Market Trends
The average size of newly sold homes was 1,224 in January 2016 while there were no new home closings a year earlier.
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 36.4% of existing home closings, above 33.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 24.6% in January from 17.4% a year earlier while REO closings as a percentage of existing home closings sank to 11.9% from 16.5% a year earlier.