Closings stood at 1 in July after being 0 a year earlier and remaining unchanged at 0 in June from a year earlier. 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.

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

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 22.7% of existing home closings, down from 44.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.8% in July from 8.8% a year earlier while REO closings as a percentage of existing home closings sank to 10.9% from 35.7% a year earlier.

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