Closings stood at 1 in February after being 0 a year earlier and remaining unchanged at 1 in January from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from 1 in January 2015 to 1 in January 2016.
Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 32.6% of existing closings, lower than 40.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.0% in February from 19.7% a year earlier and REO closings moved from 20.5% of existing home closings in February 2015 to 20.7% in February 2016.