The Treasure Valley real estate market experienced a seasonal slowdown in August 2024, likely influenced by the back-to-school season as families shifted their focus from home buying to preparing for the school year. However, with interest rates continuing to decline, we expect a resurgence in market activity heading into the fall with the PTC Index landing at 264 points.
New Home Sales…
New home sales dropped by 10.3% in August compared to July. Despite the monthly decline, sales remain strong on an annual basis, up 13.2% versus August 2023.
Existing Home Sales…
Existing home sales fell more sharply, down 13.4% from July and 3.7% year-over-year. Buyers may have delayed purchasing decisions due to seasonal distractions, but with a softer market, fall could see renewed activity as interest rates continue to decline.
Building Permits…
Filings for building permits were up 0.4% compared to July 2024 and a notable 11.6% higher than a year ago suggesting sustained confidence in new construction.
Average Treasure Valley Sales Price…
The average home price dropped 2.2% month-over-month and also decreased by 2.2% compared to August 2023. This downward trend in pricing reflects the current market cooling but could encourage more buyers to enter the market in the fall as affordability improves.
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.
