The Treasure Valley real estate market in January 2024 witnessed notable fluctuations across various metrics compared to both the previous month and the same period last year with the PTC Index landing at 196 points.
New Home Sales…
New home sales experienced a modest uptick of 1.8 percent in January compared to December 2023. However, there was a slight decline of 7.5 percent in new home sales when juxtaposed with January of the previous year. While the monthly increase is positive, the year-over-year decrease suggests a somewhat tempered market for newly constructed homes.
Existing Home Sales…
Existing home sales, in contrast, saw a slight decline of 1.4 percent in January compared to the previous month. However, when compared to January of the previous year, existing home sales showed a notable increase of 5.4 percent. This indicates sustained demand for existing properties despite the month-to-month dip.
Building Permits…
Building permit filings surged significantly, marking an impressive 86 percent increase compared to December 2023. Moreover, there was a remarkable surge of 286.4 percent when compared to January of the previous year.
Average Treasure Valley Sales Price…
The average sales price in the Treasure Valley experienced a decrease of 4 percent in January compared to the previous month. However, when compared to January of the previous year, the decline was more moderate at 0.6 percent. While the month-to-month decline may raise concerns, the year-over-year data suggests relative stability in terms of 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.
