Closings stood at 1 in January after being 0 a year earlier and remaining unchanged at 0 in December from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from none in December 2014 to none in December 2015.
Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year 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 30.1% of existing home closings, down from 35.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.9% in January from 24.8% a year earlier while REO closings as a percentage of existing home closings climbed to 13.3% from 10.8%.