More houses coming on market
Staff Writer | June 21, 2022 1:00 AM
The median price of a home in Kootenai County rose to $559,000 in May, an increase of 24% from one year ago, according to the Coeur d'Alene Regional Realtors.
The number of Kootenai County homes sold through May was 1,119, a decline of 15% compared to the same time last year.
The number of current active residential listings rose to 698 in May, an increase of nearly 60% over last month when there were 441 residential listings.
"An increase of 58.3% compared to last month is good news for buyers," the Coeur d'Alene Regional Realtors said. "But homes are still selling fast and at higher prices than a year ago."
In May, the number of days between when a home was listed and closed was 66 days, a decline of 21%.
The market is slowing, due primarily to higher mortgage interest rates.
On Monday, a 30-year fixed mortgage was at 5.99%. A month ago, the average rate on a 30-year fixed mortgage was 5.39%.
Jennifer Smock, managing broker of Windermere/Coeur d'Alene Realty, will give a presentation on the current state of real estate in Kootenai County and specifically Hayden on Thursday.
Smock will speak at the Networking, Breakfast and Connections membership meeting for the Hayden Chamber at 7 a.m. at the Best Western Plus Coeur d'Alene Inn.