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.
For new and existing homes, closings sank in May after also declining in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings represented 45.7% of existing home closings, up from 26.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.0% in May from 9.5% a year earlier while REO closings as a percentage of existing home closings increased to 25.7% from 16.7%.