In March 2024, the Treasure Valley real estate market experienced a nuanced landscape, marked by notable shifts in various segments with the PTC Index landing at 235 points. As spring break diverted attention, the market saw fluctuations in key metrics, indicating both resilience and adaptation within the region’s housing sector.
New Home Sales
New home sales surged by a notable 11.2 percent in March compared to the prior month. However, this figure represents a downturn of 16.7 percent from the same period last year. While the month-to-month increase is encouraging, the year-over-year decline underscores the impact of broader economic factors on the market.
Existing Home Sales
Existing home sales experienced a substantial uptick, rising by 25.1 percent in March compared to February. However, this figure reflects a 13.7 percent decrease compared to March of the previous year. Despite the year-over-year decline, the month-to-month increase indicates renewed activity in the resale market.
Building Permits
Building permit filings witnessed a marginal decline of 1.4 percent in March 2024 compared to the previous month. However, there’s a positive trend when contrasted with data from a year ago, showcasing a 1.4 percent increase. This suggests a sustained interest in construction activities despite short-term fluctuations.
Average Treasure Valley Sales Price
The average sales price continued its upward trajectory, rising by 5.1 percent in March compared to February. On a year-over-year basis, there’s a substantial 7.6 percent increase, indicating sustained appreciation in property values. This trend underscores the attractiveness of the Treasure Valley as a real estate investment destination.
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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.