Kootenai County median home prices edge up

The median price of a single-family home in Kootenai County rose slightly in July, according to the Coeur d'Alene Regional Realtors.

The median home price was $529,950, a 1.1% increase from a year ago. The number of homes sold through July was 1,325, a 3.8% increase from July 2023, while current active residential listings totaled 1,138 as of Aug. 5, an 8.1% hike from the same time last year.

Jennifer Smock, co-owner, managing broker with Windermere/Coeur d'Alene Real Estate, said the real estate climate currently is interesting. 

"We are on the cusp of some changes in our Industry. With a slight dip in the interest rates this week we have seen increased enthusiasm in the market," she wrote. "Showings have picked up some, and while Realtors are navigating the new forms and changes implemented recently in our Industry, we all seem to be wondering how it will affect both buyers and sellers."

She said values are holding stable. On most days, they see an equal number of new listings entering the market as they do price reductions on homes already on the market. 

"This indicates a summer slowdown in preparation for the upcoming fall season," Smock wrote.

In Shoshone County, the median single-family home price in July was $289,000, a 5.4% decrease. The number of homes sold was 89, down 1.1% from July 2023, while current active residential listings totaled 104 as of Aug. 5, a 34% increase from 78 listings a year ago.

Mortgage interest rates have fallen below 7%.

The average interest rate for a 30-year fixed mortgage was 6.52% on Thursday, according to bankrate.com, while the average 30-year refinance interest rate was 6.56%.

While it might seem everyone wants to live in Idaho, some are choosing to leave the Gem State. One recent study found that Idaho had the second-highest rate of population relocation of all U.S. states.

Colorado ranked first with 5% of the population moving states in 2022. Idaho and Wyoming ranked second with 4.9% of residents moving states. 

Idaho ranked second with 4.9% of the population moving to another state during 2022, according to a press release from agentadvice.com. It said 89,611 people were estimated to have moved out of Idaho to live somewhere else in America, out of a population of 1.8 million residents. 3.2% moved to another house within the same state, while 0.4% moved abroad. 

“Cost of living is a major factor for most people, especially when looking at housing prices and tax rates," the release said. "Colorado has high house prices due to its picturesque scenery, which some households cannot continue to afford. Colorado and Idaho have also seen notable population growth in recent years that may be pushing people elsewhere.”  

The U.S. Census estimates Idaho’s July 2023 population at 1,964,726 — an increase of 1.3% from July 2022 — ranking it fourth nationally in percentage growth. 

Idaho’s population growth in 2023 was double the national average of 0.5%.