Rebounding from a year-over-year decline in July 2015. New home closings moved from none a year earlier to 1 after the figure moved from 3 in July 2014 to 2 in July 2015.
Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Other Market Trends
The average size of newly sold homes was 936 in August 2015 while there were no new home closings a year earlier.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 37.5% of existing closings, lower than 44.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.1% in August from 19.6% a year earlier while REO closings as a percentage of existing home closings dropped to 21.4% from 24.8% a year earlier.