In the Manchester, NH market, new home sales gained year-over-year in September, showing growth after remaining stable in August from the year earlier. New home sales saw a rise of 11.1% from a year earlier to 20. Sales were level in August from the year earlier.

In the 12 months ending September 2011, there were 163 new home sales, up from an annualized 161 in August.

Of the total number of sales, new home sales made up 4.8%. A year ago, new home sales represented 4.6%. Following a decline in August year-over-year, sales of new and existing homes rose year-over-year in September.

The average value for new homes sold in September 2011 was $298,190, a move from $296,337 a year earlier. This was on the heels of a 10.5% boost in August year-over-year.

There was a lift year-over-year in the average mortgage size on new homes in contrast to new home prices. It jumped 12.7% in September from a year earlier to $230,455. Average mortgage size grew 75.0% in August 2011 from a year earlier. The overall percentage of sale price that was being financed increased 8.3 percentage points year-over-year to 77.3% in September 2011.

Single-family homes accounted for a greater percentage of new home sales than last year. The share of new home sales belonging to single-family homes climbed from 83.3% in September 2010 to 90.0% of sales in September 2011. Conversely, the share of new home sales belonging to attached units fell to 10.0% of sales from 16.7% of sales.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales accounted for 31.0% of existing home sales. In September 2010, they made up 40.4% of sales. Foreclosures sank to 13.2% of existing home sales in September from 27.2% a year earlier while REO sales rose to 17.8% of existing sales from 13.2% of sales a year earlier.

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