New home sales slid year-over-year in November in the Rocky Mount, NC market, sliding after a growth in October 2011. New home sales moved from 18 a year earlier to eight after the figure moved from three in October 2010 to nine in October 2011.

A total of 79 new homes were sold during the 12 months that ended in November, down from 89 for the year that ended in October.

New home sales were eight out of the 85 total sales, down on a percentage basis from 18 of 99 a year earlier. Following a year-over-year rise in October, sales of new and existing homes fell year-over-year in November.

The average per-unit price of new homes was $147,688 in November 2011, moving south from $187,538 a year earlier. This was on the heels of a 2.7% rise in October year-over-year.

Average mortgage size on newly sold homes saw a decline year-over-year from $118,167 to $89,250. In October 2011, average mortgage size remained level from a year earlier at $179,500.

There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family homes continued to account for all of new home sales.

Foreclosures and real estate owned (REO) sales continued to increase in November from a year earlier and remained a drag on the market. Foreclosures and REO sales, taken together, represented 53.2% of existing home sales, higher than 42.0% a year earlier. The percentage of existing home sales involving foreclosures rose to 39.0% in November from 29.6% a year earlier while REO sales as a percentage of existing home sales increased to 14.3% from 12.3%.

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