Median home price, sales decline

COEUR d'ALENE - The median price of Kootenai County single-family homes and home sales both declined in March, according to the Coeur d'Alene Regional Realtors.

The number of current active residential listings, 701, was more than double the 289 about a year ago April 12, 2022.

CRR President Jared McFarland said activity and sales have picked up as of late.

With spring just around the corner, he hopes to see housing inventory increase.

And with current market conditions, he said buyers can negotiate on prices a bit and homes can sell sooner if they are priced right.

He also said that mortgage interest rates, which, as of Friday, were 6.76% for a 30-year fixed loan, seem to have stabilized which has increased consumer confidence.

In March, the median price of a Kootenai County single-family home was $501,500, compared to $511,000 in January and $535,000 in March 2022.

The number of single-family homes sold in the county in March, 438, was down 27% from 599 in March 2022.

Homes were taking longer to sell this year, spending 102 days on the market, well up from 72 days for the same time last year.

The CRR said the median home price in Shoshone County for March was $284,500, down 4.8% from March 2022, when it was $297,000.