For the second consecutive month, the PTC Index again declined and landed at 241 points. As we’ve mentioned before, the summer season is when real estate activity across the Treasure Valley is most active, but the market continues to be weighed down by unfavorable economic conditions and attitudes.
New Home Sales
New home sales were down 18.6 percent from June ’22 and also down 34.6 percent versus June ’21.
Existing Home Sales
Existing homes fell 17.1 percent from June and 37.7 percent from July 2021.
Building Permits
Building permits remained relatively stable with 225 filings which is a four percent increase from last July.
Average Treasure Valley Sales Price
For the second consecutive month, the average blended sales price for Ada and Canyon Counties inched downward about three percent to $588,860. For July, Ada’s average was $684,472 while Canyon’s was $492,888 representing a decline from June of about three percent and two percent, respectively.
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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.