Closings stood at 1 in April after being 0 a year earlier and remaining unchanged at 3 in March from a year earlier. New home closings moved from none a year earlier to 1 after the figure moved from 3 in March 2015 to 3 in March 2016.

For new and existing homes, closings sank in April after also declining in March year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 15.2% of existing home closings, down from 31.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.1% in April from 20.3% a year earlier while REO closings as a percentage of existing home closings fell to 6.1% from 11.4% a year earlier.

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