The Treasure Valley real estate market experienced a seasonal slowdown in August 2024, likely influenced by the back-to-school season as families shifted their focus from home buying to preparing for the school year. However, with interest rates continuing to decline, we expect a resurgence in market activity heading into the fall with the PTC Index landing at 265 points.
New Home Sales
New Home Sales defied the broader slowdown, recording an impressive 11 percent increase in December compared to the previous month. On an annual basis, new home sales surged by 40 percent compared to December 2023. This sector’s resilience highlights strong buyer interest in newly constructed properties, even during the quieter holiday season.
Existing Home Sales
Existing Home Sales reflected the broader seasonal trend, declining about seven percent from November to December. However, when compared to December 2023, the category saw significant growth, with sales up 40 percent year-over-year.
Building Permits
Building Permits dipped slightly in December, down about one-and-a-half percent compared to November 2024. Despite this month-to-month decline, the number of permits filed remained robust, showcasing a 41.6 percent increase compared to December 2023.
Average Treasure Valley Sales Price
The average sales price of homes in the Treasure Valley fell slightly in December, decreasing half a point compared to November. This marginal decline reflects the seasonal market dynamics. However, average prices remained nearly two percent higher than in December 2023, illustrating the overall appreciation in home values over the past year.
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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.