New home closings moved from none a year earlier to 4 after the figure moved from 1 in December 2014 to 2 in December 2015.

Following a year-over-year increase in December, closings of new and existing homes dropped year-over-year in January.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 32.9% of existing home closings, higher than 32.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.9% in January from 11.6% a year earlier while REO closings as a percentage of existing home closings declined to 15.0% from 20.4% a year earlier.

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