Sales of new homes in the Wichita Falls, TX market grew year-over-year in November, rebounding from a year-over-year decline in October 2011. New home sales moved from three a year earlier to five after the figure moved from 15 in October 2010 to three in October 2011.

A total of 59 new homes were sold during the 12 months that ended in November, up from 57 for the year that ended in October.

New home sales were five out of 167 total sales, making up 3.0%. This is up on a percentage basis from three of 195 a year earlier. Following a year-over-year decline in October, sales of new and existing homes also slid year-over-year in November.

The average new home value went from $285,600 last year to $303,422,. This came after a 31.1% rise in October year-over-year.

Average mortgage size on new homes fell from $228,480 to $221,333. Average mortgage size on new homes went from $174,949 in October 2010 to $224,000 in October 2011. For new home sales, the percentage of the sale price that was being financed dipped 7.1 percentage points year-over-year to 72.9% in November 2011.

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.

The average unit size of newly sold homes rose from 1,677 square feet a year earlier to 3,229 square feet.

Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales represented 29.6% of existing home sales. They accounted for 35.4% in November 2010. The percentage of existing home sales involving foreclosures rose to 21.0% in November from 17.2% a year earlier while REO sales as a percentage of existing home sales fell to 8.6% from 18.2% a year earlier.

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