New home closings moved from none a year earlier to 1 after the figure moved from 3 in June 2014 to 3 in June 2015. Closings stood at 1 in July after being 0 a year earlier and remaining unchanged at 3 in June from a year earlier.

Closings of new and existing homes grew year-over-year in July after also rising in June year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 35.9% of existing home closings, below 45.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 16.0% in July from 23.8% a year earlier while REO closings as a percentage of existing home closings slid to 19.9% from 21.7% a year earlier.

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