Closings stood at 3 in August after being 0 a year earlier and remaining unchanged at 2 in July from a year earlier. New home closings moved from none a year earlier to 3 after the figure moved from 2 in July 2014 to 2 in July 2015.

For new and existing homes, closings rose year-over-year in August after also increasing in July year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 16.1% of existing home closings, down from 34.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.9% in August from 18.7% a year earlier while REO closings as a percentage of existing home closings declined to 9.2% from 16.3% a year earlier.

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