Sales of new homes declined year-over-year in October in the Utica, NY market, sliding after a growth in September 2011. New home sales moved from four a year earlier to one after the figure moved from one in September 2010 to two in September 2011.

A total of 19 new homes were sold during the 12 months that ended in October, down from 22 for the year that ended in September.

Out of 198 total sales, one were of new homes, which makes up a smaller percentage than the four out of 227 total sales last year. Following a year-over-year decline in September, sales of new and existing homes also sank year-over-year in October.

The average per-unit price of new homes was $278,415 in October 2011, up from $82,065 a year ago. This came after a 63.0% drop in September from a year earlier.

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

Foreclosures and real estate owned (REO) sales did not appear to be dragging the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 2.5% of sales. They made up 7.6% in October 2010. The percentage of existing home sales involving foreclosures went from 0.9% in October 2010 to 0.5% in October 2011 and REO sales as a percentage of existing home sales dipped to 2.0% from 6.7% a year earlier.

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