New home closings moved from none a year earlier to 9 after the figure moved from 4 in May 2015 to 7 in May 2016.

Following a year-over-year increase in May, closings of new and existing homes also climbed year-over-year in June.

Other Market Trends

The average size of newly sold homes was 1,793 in June 2016 while there were no new home closings a year earlier.

Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 21.3% of existing home closings, up from 19.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.5% in June from 7.7% a year earlier and REO closings moved from 11.5% of existing home closings in June 2015 to 10.8% in June 2016.

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