With summer in the rearview mirror and kids back in school, the Treasure Valley real estate market is back in full swing. September 2024 saw a surge in activity, fueled by a drop in interest rates to lows not seen in over a year. These favorable rates have not only driven an increase in home buying but also sparked a wave of refinancing across the region which also pushed this month’s PTC Index to a respectable 275 points.
New Home Sales…
New home sales saw an uptick, rising nearly two percent in September versus the previous month. Year-over-year, the jump is even more pronounced, with a 33.3 percent increase compared to September 2023.
Existing Home Sales…
Existing home sales remained relatively stable, dipping just three-tenths of a percent compared to August 2024. When looking at year-over-year data, the market shows a solid trajectory, with existing home sales up by about seven percent from September 2023.
Building Permits…
Filings for building permits jumped by nearly nine percent in September compared to August 2024, reflecting renewed confidence in the construction sector. When compared to the same time last year, building permits increased by over three percent, showing a steady upward trend in new developments.
Average Treasure Valley Sales Price…
Home prices held steady with the average sales price in the Treasure Valley rising six-tenths of a percent in September compared to August. While there has been a slight 1.3% decline in prices compared to a year ago, the market remains resilient, with values holding strong considering broader economic conditions.
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.
