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

For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings made up 29.6% of existing home closings, up from 14.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.7% in February from 10.4% a year earlier while REO closings as a percentage of existing home closings rose to 16.9% from 4.5%.

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