New home sales in the South Bend, IN market declined year-over-year in November, declining after staying relatively stable in October from the year earlier. Sales stood at seven in November after being 10 a year earlier and remaining unchanged at 13 in October from a year earlier.

A total of 101 new homes were sold during the 12 months that ended in November, down from 104 for the year that ended in October.

Seven of the 354 total sales were new home sales, a shift on a percentage basis from 10 out of 366 a year earlier. Following a year-over-year decline in October, sales of new and existing homes also fell year-over-year in November.

The average new home price in November 2011 went up to $236,913 from $151,966 a year ago. This followed a 19.5% fall in October from a year earlier.

Average mortgage size on new homes increased to $201,255 from $110,451 last year. Average mortgage size on new homes went from $157,102 in October 2010 to $133,958 in October 2011. Of the overall sale price, the percentage that was being financed gained 12.3 percentage points year-over-year to 84.9% in November 2011.

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

The average unit size of newly sold homes fell from 1,830 square feet a year earlier to 1,120 square feet.

Foreclosures and real estate owned (REO) sales remained a burden on the market. Together, foreclosures plus REO sales represented 47.0% of existing home sales. They made up 41.9% in November 2010. The percentage of existing home sales involving foreclosures rose to 29.4% in November from 21.6% a year earlier while REO sales as a percentage of existing home sales slipped to 17.6% from 20.2% a year earlier.

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