The Treasure Valley real estate market in November 2023 exhibited a nuanced and varied landscape with the PTC Index landing at 181 points. While building permits and new home sales indicated positive momentum, existing home sales faced challenges. The slight increase in refinance activity provided homeowners with opportunities, and the decline in average sales prices suggested adjustments in the market.
New Home Sales…
New home sales showed resilience with a modest increase of 0.6 percent in November compared to the previous month. On a yearly basis, the market demonstrated a more substantial growth of nearly five percent, indicating sustained demand for newly constructed homes.
Existing Home Sales…
In contrast, existing home sales experienced a decline of 11.6 percent in November compared to the previous month and a 11.2 percent drop compared to the same period last year. This dip suggests potential challenges in the resale market, possibly influenced by factors such as inventory shortages or changing buyer preferences.
Building Permits…
November witnessed a significant decline of 47.5 percent in building permits compared to the previous month. However, this dip needs to be contextualized against a robust 34.3 percent increase compared to the same period last year.
Average Treasure Valley Sales Price…
The average sales price in the Treasure Valley declined by about three percent in November compared to the previous month. On a yearly basis, the market experienced a 5.6 percent decrease in average sales prices.
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.
