The Norwich, CT market saw a drop in new home sales year-over-year in October, but the decline was less than the year-over-year decline in September. New home sales moved from 10 a year earlier to two after the figure moved from seven in September 2010 to one in September 2011.

A total of 45 new homes were sold during the 12 months that ended in October, down from 53 for the year that ended in September.

On a percentage basis, new home sales as a part of total sales decreased to 1.3% from 4.4% a year earlier. Sales of new and existing homes slid year-over-year in October after also falling in September year-over-year.

The average new home price in October 2011 went down to $133,000 from $278,490 last year. This came after a 48.1% bump in September year-over-year.

As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for nine of 10 last year. Meanwhile, attached units made up no part of new home sales after making up one of 10 sales a year earlier.

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. Together, foreclosures plus REO sales made up 20.6% of existing home sales, down from 31.0% a year earlier. The percentage of existing home sales involving foreclosures declined to 11.6% in October from 19.0% a year earlier while REO sales as a percentage of existing home sales fell to 9.0% from 12.0% a year earlier.

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