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

For new and existing homes, closings declined in March after also declining in February year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 3.4% of existing home closings, below 5.5% a year earlier. The percentage of existing home closings involving foreclosures sank to no part in March from 2.2% a year earlier and REO closings moved from 3.3% of existing home closings in March 2015 to 3.4% in March 2016.

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