In the Waco, TX market in November, new home sales dropped year-over-year, dropping after a year-over-year increase in October 2011. New home sales moved from 26 a year earlier to 14 after the figure moved from 24 in October 2010 to 33 in October 2011.

A total of 335 new homes were sold during the 12 months that ended in November, down from 347 for the year that ended in October.

New home sales were 14 out of the 277 total sales, down on a percentage basis from 26 of 280 a year earlier. For new and existing homes, sales fell in November after also declining in October year-over-year.

The average price of new homes sold in November 2011 rose to $192,900 from the year-earlier figure of $168,450. This followed a 28.7% fall in October from a year earlier.

From the year-ago figure of $148,345, the average mortgage size on new homes moved up to $210,542. Average mortgage size declined 40.3% in October 2011 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 November 2011. Single-family homes continued to account for all of new home sales.

Foreclosures and real estate owned (REO) sales continued to drop from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO sales, taken together, accounted for 20.5% of existing sales, lower than 32.7% a year earlier. The percentage of existing home sales involving foreclosures rose to 16.3% in November from 13.4% a year earlier while REO sales as a percentage of existing home sales fell to 4.2% from 19.3% a year earlier.

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