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

For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 3.5% of existing home closings, below 7.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.7% in August from 3.3% a year earlier while REO closings as a percentage of existing home closings slid to 1.7% from 4.4% a year earlier.

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