The PTC Index

April 2014

Building Permits	294
New Home Sales	140
Existing Home Sales	822
Refinance	774
Average Sales Price	195447.5
Financial-Bond Market(10-yr Treasury)	2.71
Days on Market	65
Distressed(Short Sales and REO)	1028
Notices of Default	96
PTC Index	197

The spring season continued to make positive gains during the month of April; the PTC Index is showing positive movement in several areas as the busier summer buying season fast approaches. Notices of Default fell another 3.3 percent from the month prior bringing the total amount to 96 - the first time in the history of the Index that NOD counts fell below 100 in a single month. At its peak, the Index shows NODs reach as high as 949 filings during March 2010. Refinances in April only reflect half the volume from a year ago but made the single greatest gain in a full year, increasing by 21 percent over April 2013. New home sales fell slightly from the month prior and year ago by 8.5 percent and 28.6 percent, respectively so this will be an area to watch in the coming months. Conversely, building permits made gains of 14 percent over the month prior so we may be seeing increased starts (reflecting new home sales) in the next 30 to 60 days. Existing home sales increased by 21 percent since March 2014 while the average sales price across the valley grew slightly to a year-high of $191,207.