As we enter the height of the real estate buying season, the Treasure Valley market remains robust, reflected by the PTC Index remaining at 277 points. This high PTC Index score underscores the vibrant activity and overall health of the market. Here’s a detailed breakdown of the latest trends and figures for May 2024…
New Home Sales
New home sales experienced a minor slowdown in May, with an eight percent decrease compared to April 2024. However, the yearly comparison paints a more positive picture, with sales up by 13.7 percent versus May 2023.
Existing Home Sales
Existing home sales surged in May, up 14 percent from the previous month. On a year-over-year basis, the increase was a solid 10.9 percent.
Building Permits
Building permit filings in Treasure Valley saw a slight decline of about five percent in May compared to April 2024. Despite this monthly decrease, the year-over-year figures tell a different story, with filings up by a substantial 19.2 percent compared to May 2023.
Average Treasure Valley Sales Price
The average sales price in Treasure Valley inched up by 0.4 percent in May versus the previous month. Compared to May 2023, the increase was slightly higher at 0.5 percent. These modest gains in average sales price indicate a stable market where home values are holding steady with an average of $567,495.
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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.