September marks the end of the prime purchase and sale months and
brings with it an expected lull as we head into the fall and winter seasons.
However, at 304 points, the latest PTC Index still shows a relatively strong
September compared to past years which could signal a comparatively
healthy 4th calendar quarter.
The biggest decline we see is building permits falling about 40 percent
from the month prior. Existing home sales followed suit with a 10 percent
decline but still up five percent from September 2016. New home sales held
steady, up 11 percent from a year ago while refinances fell just slightly by
five percent. The average Treasure Valley sales price also remained
relatively unchanged, settling at $260,122; the average sales price has
sporadically climbed and dropped throughout the year but is still well above
a 2017 average of roughly $250,000. Finally, it appears that we are still
experiencing constrained inventories as the average DOM fell to 32 days
which reinforces our expectations of above-average activity heading into
October and November
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. To give you some perspective, when the market was at its most active point in 2005, the PTC Index average would have been 225. In January of 2010 we reached a low of 28. Though times have changed, the need for this data is greater than ever.
Story taken from Pioneer Title Company.
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