New home closings moved from none a year earlier to 2 after the figure moved from 2 in March 2015 to 2 in March 2016. Closings stood at 2 in April after being 0 a year earlier and remaining unchanged at 2 in March from a year earlier.

Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 9.0% of existing closings, lower than 13.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.0% in April from 8.2% a year earlier while REO closings as a percentage of existing home closings stayed level at 4.9%.

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