The PTC Index • May 2023

With the warmer weather finally here, people are more out and about in the Treasure Valley. This time of year is also when the housing market is starting to pick up, but with financial rates continuing to increase, it is still making the market unpredictable. Thusly, this month’s PTC Index lands at just 227 points.

New home sales volume fell by 24 percent in April 2023 versus the month prior. Compared to a year ago, they are also down by about two percent.

Existing home sales also took a small hit in April, declining by about seven percent versus March. Compared to a year ago, however, they are down just over 32 percent.

Building permits weren’t immune to declines, either. In April, they were down nearly 23 percent from the month prior and down a 61 percent compared to April 2022.

This month’s bright spot was the average blended sales price for Ada and Canyon County homes landing at $552,491 – an increase of nearly six percent from March though down from the April 2022 average of just under $599K.

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.