As November ushered in the holiday season, the Treasure Valley real estate market experienced declines across all major sectors, marking a seasonal slowdown typical of the final months of the year. The PTC Index reflected this trend, landing at 243 points for November 2024. While activity dipped compared to October, the year-over-year figures show significant growth across various metrics, highlighting the market’s resilience over the past year.
New Home Sales…
New home sales fell by 12.1 percent in November versus October, continuing the trend of moderated demand heading into winter. Nonetheless, compared to the same time last year, new home sales surged by 36 percent, demonstrating strong underlying demand throughout the year.
Existing Home Sales…
Existing home sales faced the steepest monthly decline, dropping 19.7% compared to October. However, like other metrics, the year-over-year performance remains positive, with sales increasing by 25.1 percent compared to November 2023.
Building Permits…
Filings for building permits were down 32.2 percent in November compared to October, a clear sign of the seasonal cooling in construction activity. However, year-over-year data shows a remarkable 63.8 percent increase, signaling robust development momentum in 2024 despite the monthly decline.
Average Treasure Valley Sales Price…
In contrast to declining activity, the average sales price edged up slightly, increasing by nearly one percent from October. Year-over-year, prices rose by about five percent, signaling steady appreciation despite the seasonal slowdown.
The PTC Index is a monthly measurement of the vibrancy of the Treasure Valley real estate market. Based on a custom-weighted algorithm, it combines nine critical measurements of the real estate market into a single, useful number: the PTC Index.
Be sure to visit PTCIndex.com for full 10-year historical data.
