Despite month-over-month declines, the latest data posted slightly higher than expected real estate activity in February. And, as we kick off the official spring listing season, this month’s PTC Index lands at an encouraging 208 points.
New Home Sales
New home sales increased significantly and are up about 25 percent from January 2023. Compared to February 2022, they’re up three percent.
Existing Home Sales
Existing home sales surged up by 40 percent in February with 358 sales, compared to 269 in January. While existing home sales are still down compared to February 2022, they’re beginning to pick up.
Building Permits
Building permits rose by 32 percent compared to January, however they’re still down about 62 percent from February 2022.
Average Treasure Valley Sales Price
In February 2023, the average sales price for homes in the Treasure Valley was $519,194, a small two percent dip from January’s pricing, but nine percent lower than February 2022. Ada County sales prices are still higher than Canyon, with Ada County settling at $618,836 and Canyon at $435,664.
Check out these additional market snapshots for our other markets…
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.