New home sales fell year-over-year in November in the Pueblo, CO market, and the decline was by a larger percentage than the October 2011. New home sales moved from 14 a year earlier to four after the figure moved from 14 in October 2010 to seven in October 2011.

A total of 87 new homes were sold during the 12 months that ended in November, down from 97 for the year that ended in October.

New home sales were four of the 213 total sales, down on a percentage basis from 14 of 215 a year earlier. Following a year-over-year increase in October, sales of new and existing homes slipped year-over-year in November.

The average price for newly sold homes moved north to $172,081 from $155,963 a year ago. This was on the heels of a 30.1% gain in October 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 13 of 14 last year. Meanwhile, attached units made up no part of new home sales after making up one of 14 sales a year earlier.

Foreclosures and real estate owned (REO) sales decreased in November from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales represented 51.2% of existing home sales, below 62.7% a year earlier. The percentage of existing home sales involving foreclosures dipped to 24.4% in November from 29.4% a year earlier while REO sales as a percentage of existing home sales fell to 26.8% from 33.3% a year earlier.

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