Rebounding from a year-over-year decline in March 2016. New home closings moved from none a year earlier to 1 after the figure moved from 2 in March 2015 to 1 in March 2016.

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

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings represented 33.8% of existing home closings, up from 33.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.6% in April from 14.9% a year earlier while REO closings as a percentage of existing home closings rose to 23.2% from 18.6%.

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