In October, there was a decline year-over-year in new home sales in the Youngstown, OH market, and the decline was by a larger percentage than the September 2011. New home sales moved from 13 a year earlier to five after the figure moved from 10 in September 2010 to four in September 2011.

A total of 87 new homes were sold during the 12 months that ended in October, down from 95 for the year that ended in September.

New home sales were five of the 463 total sales, down on a percentage basis from 13 of 444 a year earlier. After dropping in September from a year earlier, sales of new and existing homes rose year-over-year in October.

The average price of new homes rose to $214,865 from last year's $143,777. This followed a 11.5% lift in September year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $96,873 to $65,250. Average mortgage size on new homes went from $352,000 in September 2010 to $102,600 in September 2011.

The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up one of five new home sales after accounting for two of 13 a year earlier. Meanwhile, single-family homes made up four of five new home sales after making up 11 of 13 a year earlier.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Combined, foreclosures plus REO sales accounted for 42.1% of existing home sales. In October 2010, they made up 47.3%. The percentage of existing home sales involving foreclosures fell to 19.7% in October from 21.8% a year earlier while REO sales as a percentage of existing home sales slipped to 22.5% from 25.5% a year earlier.

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