Closings stood at 1 in January after being 0 a year earlier and remaining unchanged at 1 in December from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from 1 in December 2014 to 1 in December 2015.

After staying stable in December from a year earlier, closings of new and existing homes grew in January.

Other Market Trends

Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 37.3% of existing home closings, down from 46.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 16.9% in January from 27.8% a year earlier while REO closings as a percentage of existing home closings increased to 20.5% from 19.0%.

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