The Sioux City, IA market saw a rise in new home sales in October year-over-year, rebounding from a year-over-year decline in September 2011. New home sales moved from one a year earlier to four after the figure moved from two in September 2010 to one in September 2011.

A total of 39 new homes were sold during the 12 months that ended in October, up from 36 for the year that ended in September.

New home sales were four of the 147 total sales, up on a percentage basis from one of 85 a year earlier. Sales of new and existing homes jumped year-over-year in October after also rising in September year-over-year.

There was no change in the composition of the new-home market with regard to the types of properties sold in October 2011. Single-family homes continued to account for all of new home sales.

Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in October, but did not look to be a burden on the market. Foreclosures and REO sales, taken together, represented 23.8% of existing sales, lower than 34.5% a year earlier. The percentage of existing home sales involving foreclosures declined to 15.4% in October from 29.8% a year earlier while REO sales as a percentage of existing home sales rose to 8.4% from 4.8%.

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