New home closings moved from none a year earlier to 1 after the figure moved from none in February 2015 to none in February 2016. Closings stood at 1 in March after being 0 a year earlier and remaining unchanged at 0 in February from a year earlier.
Following a year-over-year increase in February, closings of new and existing homes sank year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 26.3% of existing home closings, below 47.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.5% in March from 27.8% a year earlier while REO closings as a percentage of existing home closings fell to 12.8% from 20.1% a year earlier.