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

After remaining steady in June from a year earlier, closings of new and existing homes rose in July.

Other Market Trends

Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 19.2% of existing home closings, up from 17.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.8% in July from 8.0% a year earlier while REO closings as a percentage of existing home closings dropped to 7.4% from 9.0% a year earlier.

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