New home sales in the Norwich, CT market dropped year-over-year in September, and the decline was by a larger percentage than the August 2011. New home sales moved from seven a year earlier to one after the figure moved from seven in August 2010 to five in August 2011.

In the 12 months ending September 2011, there were 53 new home sales, down from an annualized 59 in August.

Out of 229 total sales, one were of new homes, which makes up a smaller percentage than the seven out of 239 total sales last year. For new and existing homes, sales fell in September after also declining in August year-over-year.

The average price for newly sold homes moved north to $365,000 from $246,386 a year ago. This was on the heels of a 8.0% rise in August 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 six of seven last year. Meanwhile, attached units made up no part of new home sales after making up none of seven sales a year earlier.

Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Combined, foreclosures plus REO sales accounted for 21.1% of existing home sales. In September 2010, they made up 30.6% of sales. Foreclosures slipped to 10.5% of existing home sales in September from 16.4% a year earlier while REO sales declined to 10.5% of existing sales from 14.2% of sales a year earlier.

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