July 2024 marked a significant upswing in the Treasure Valley real estate market, with the PTC Index soaring to a two-year high of 291 points. This milestone underscores the robust market conditions steadily gaining traction throughout the year. Propelled by an increase in refinance applications and an impending all-but-guaranteed drop in the federal rate next month, the market is well-positioned for continued growth in the coming months.
New Home Sales…
The new homes sector showed impressive resilience, with sales rising by about seven percent in July compared to the previous month. On an annual basis, new home sales have surged by 44 percent.
Existing Home Sales…
Existing home sales experienced a significant uptick, climbing 17.8 percent in July versus June 2024; year-over-year, existing home sales saw a 25.7 percent increase.
Building Permits…
Building permit filings in July decreased by 20.6 percent compared to June 2024. However, this decline has a silver lining; permit filings are up 18.4 percent compared to July 2023.
Average Treasure Valley Sales Price…
The average sales price in July 2024 dipped by 1 percent compared to the previous month. However, prices remain about four percent higher than in July 2023. This slight monthly decline may reflect seasonal factors or a shift in the mix of properties sold, but the annual increase points to the market’s overall upward trajectory.
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.
