Rebounding from a year-over-year decline in June 2015. New home closings moved from none a year earlier to 5 after the figure moved from 4 in June 2014 to 1 in June 2015.

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

Other Market Trends

The average size of newly sold homes was 2,526 in July 2015 while there were no new home closings a year earlier.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.3% of closings, below 33.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.4% in July from 15.5% a year earlier while REO closings as a percentage of existing home closings fell to 5.9% from 17.6% a year earlier.

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