Rebounding from a year-over-year decline in June 2016. New home closings moved from none a year earlier to 1 after the figure moved from 7 in June 2015 to 1 in June 2016.
Following a year-over-year increase in June, closings of new and existing homes also rose 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. Combined, foreclosures plus REO closings accounted for 9.6% of existing home closings, below 10.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.1% in July from 3.1% a year earlier while REO closings as a percentage of existing home closings fell to 4.5% from 6.9% a year earlier.