New home closings moved from none a year earlier to 1 after the figure moved from none in June 2014 to none in June 2015. Closings stood at 1 in July after being 0 a year earlier and remaining unchanged at 0 in June from a year earlier.

Following a year-over-year increase in June, closings of new and existing homes declined year-over-year in July.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 36.1% of existing closings, lower than 39.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.5% in July from 12.3% a year earlier while REO closings as a percentage of existing home closings sank to 19.5% from 26.6% a year earlier.

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