Summer is often thought of as real estate’s peak season, but in the Treasure Valley this year, the market stayed largely stagnant. With kids heading back to school and families shifting their attention elsewhere, August reflected a slowdown in both buyer and seller activity but an increase in refinance activity helped propel the PTC Index to 288 points. Though the market may have cooled during the dog days of summer, conditions are ripe for a rebound. With the Fed signaling possible rate cuts this month, buyers who were sitting on the sidelines may re-enter the market, giving both sales activity and prices a boost heading into fall. If momentum builds, 2025 could finish stronger than many anticipated.
New Home Sales…
Sales of new homes slid 5.4 percent month-over-month, though they were up about nine percent year-over-year. This suggests that while August was quieter, long-term demand for new construction continues to trend positively.
Existing Home Sales…
Existing home transactions fell 6.8 percent from July, yet activity was up 13.6 percent versus last year. The year-over-year increase points to a healthier resale market than what we saw in 2024, despite the late-summer dip.
Building Permits…
Filings for new building permits dipped 12.4 percent from July and were down 9.3 percent compared to August 2024. Even with the pullback, permits remained relatively steady through the summer months, showing developers are still cautiously optimistic.
Average Treasure Valley Sales Price…
The blended average home price across Ada and Canyon counties declined 1.3 percent from July, but still remained 6.2 percent higher than in August 2024. Seasonal adjustments aside, home values continue to hold strong compared to last year.
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.