New home closings moved from none a year earlier to 13 after the figure moved from 7 in August 2014 to 13 in August 2015.

Following a year-over-year increase in August, closings of new and existing homes dropped year-over-year in September.

Other Market Trends

The average size of newly sold homes was 845 in September 2015 while there were no new home closings a year earlier.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 7.8% of existing closings, lower than 8.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.8% in September from 3.8% a year earlier while REO closings as a percentage of existing home closings stayed level at 5.0%.

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