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

Closings of new and existing homes rose year-over-year in July following a decline in June year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 18.9% of existing home closings, down from 27.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.1% in July from 18.5% a year earlier and REO closings moved from 8.9% of existing home closings in July 2015 to 9.8% in July 2016.

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