New home closings moved from none a year earlier to 3 after the figure moved from 3 in October 2014 to 10 in October 2015.

Following a year-over-year increase in October, closings of new and existing homes also jumped year-over-year in November.

Other Market Trends

The average size of newly sold homes was 1,453 in November 2015 while there were no new home closings a year earlier.

Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 8.7% of existing home closings, above 8.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.8% in November from 3.4% a year earlier while REO closings as a percentage of existing home closings slid to 2.9% from 4.6% a year earlier.

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