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

Closings of new and existing homes increased year-over-year in May after also rising in April year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to rise in May from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 33.1% of existing home closings, above 30.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.2% in May from 14.1% a year earlier while REO closings as a percentage of existing home closings sank to 13.8% from 16.7% a year earlier.

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