The latest PTC Index pulled back in November after an unusually strong October surge. Last month, the Index climbed to a four-year high of 495 points, driven largely by a spike in refinance activity. This month, the Index settled at 235 points, reflecting a typical seasonal slowdown as we head deeper into late fall. Rather than signaling weakness, the decline represents a return to more normal transaction volume across the categories we monitor — a familiar pattern for this time of year.
New Home Sales…
New-home sales followed a familiar seasonal trend, dipping 23.5 percent from the previous month and landing 8.3 percent below year-ago levels. While demand has eased from earlier in the fall, builder incentives and ongoing population growth continue to provide underlying support for the new-construction market.
Existing Home Sales…
Existing-home sales also slowed in November, falling 19.1 percent month over month. However, unlike new homes, resale activity remains 1.9 percent higher than this time last year, suggesting that buyer interest remains resilient even as fewer sellers choose to list during the winter months.
Building Permits…
Building permit activity continued to cool, with filings down for the fifth consecutive month. In November, permits declined 27.9 percent compared to October and were 32.1 percent lower than November 2024. Higher construction costs, tighter financing conditions for builders, and seasonal factors continue to temper new development across the Treasure Valley.
Average Treasure Valley Sales Price…
Despite the broader slowdown in transaction volume, home prices continued to rise. Average sales prices increased 2.1 percent from October and were 6.1 percent higher than November 2024, reinforcing the ongoing supply-and-demand imbalance in the Treasure Valley. Limited inventory, steady job growth, and long-term population trends continue to support price appreciation—even during seasonal lulls.
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.
Be sure to visit PTCIndex.com for full 10-year historical data.