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

After increasing in April from a year earlier, closings of new and existing homes remained level in May.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 8.2% of existing home closings, down from 13.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.9% in May from 5.0% a year earlier while REO closings as a percentage of existing home closings fell to 6.3% from 8.8% a year earlier.

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