New home closings moved from none a year earlier to 1 after the figure moved from 3 in March 2015 to 3 in March 2016. Closings stood at 1 in April after being 0 a year earlier and remaining unchanged at 3 in March from a year earlier.

Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 15.2% of existing home closings, down from 31.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.1% in April from 20.3% a year earlier while REO closings as a percentage of existing home closings slid to 6.1% from 11.4% a year earlier.

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