New home closings moved from none a year earlier to 3 after the figure moved from 1 in June 2014 to 3 in June 2015.
Following a year-over-year increase in June, closings of new and existing homes also jumped year-over-year in July.
Other Market Trends
Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 28.1% of existing home closings, down from 40.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.4% in July from 22.9% a year earlier while REO closings as a percentage of existing home closings fell to 13.7% from 17.8% a year earlier.