New home closings moved from none a year earlier to 2 after the figure moved from 1 in February 2015 to 5 in February 2016.

Following a year-over-year increase in February, closings of new and existing homes fell year-over-year in March.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to rise in March from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 53.3% of existing home closings, up from 49.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 19.7% in March from 34.0% a year earlier while REO closings as a percentage of existing home closings gained to 33.6% from 15.1%.

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