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

Closings of new and existing homes rose year-over-year in April after also rising in March year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 15.0% of existing closings, lower than 15.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.7% in April from 6.7% a year earlier while REO closings as a percentage of existing home closings declined to 6.4% from 9.1% a year earlier.

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