In September, the Sioux City, IA market saw a drop year-over-year in new home sales, dropping after staying level in August. Sales stood at one in September after being two a year earlier and the figure was unchanged at six in August from a year earlier.

A total of 36 new homes were sold during the 12 months that ended in September, down from 37 for the year that ended in August.

Out of 186 total sales, one were of new homes, which makes up a smaller percentage than the two out of 111 total sales last year. After dropping in August from a year earlier, sales of new and existing homes rose year-over-year in September.

The average per-unit price of new homes was $120,000, compared with $225,000 last year. This was on the heels of a 25.0% decline in August 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 September 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. Together, foreclosures plus REO sales represented 22.2% of existing home sales. In September 2010, they made up 15.6%. The percentage of existing home sales involving foreclosures rose to 16.8% in September from 12.8% a year earlier while REO sales as a percentage of existing home sales rose to 5.4% from 2.8%.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.