New home closings moved from none a year earlier to 4 after the figure moved from 1 in January 2015 to 5 in January 2016.

Closings of new and existing homes climbed year-over-year in February after also rising in January year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.3% of existing home closings, above 21.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.8% in February from 9.3% a year earlier while REO closings as a percentage of existing home closings dropped to 11.4% from 12.6% a year earlier.

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