Despite certain fluctuations in key metrics, the Treasure Valley real estate market exudes an air of optimism as we transition into the Spring season. With this month’s PTC Index landing at 207 points, favorable indicators such as increased new home sales, buoyant existing home sales, and steady refinance activity suggest a market poised for growth and stability.
New Home Sales…
New home sales saw a robust increase of 20 percent in February compared to the preceding month. Despite a modest decline of 11.4 percent year-over-year, this surge suggests renewed confidence among buyers, potentially driven by favorable market conditions.
Existing Home Sales…
Existing home sales demonstrated a notable uptick of about eight percent in February compared to January. While experiencing an 18.6 percent decline compared to the same period last year.
Building Permits…
Building permit filings experienced a 26.6 percent decrease in February 2024 compared to the previous month. However, it’s noteworthy that this figure reflects a substantial 114.7 percent increase compared to the same period last year. This surge from a year ago indicates underlying strength in construction activity, albeit with a minor month-to-month fluctuation.
Average Treasure Valley Sales Price…
The average sales price witnessed a modest increase of 2.1 percent in February compared to January. Moreover, with a commendable 3.1 percent rise year-over-year, this metric underscores the enduring appreciation of property values within the Treasure Valley, offering promising prospects for homeowners and investors alike.
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.
