Kootenai County Housing market remains steady

The median price of a single-family home in Kootenai County was $527,860 in August, up slightly from one year ago, but down slightly from July, according to the Coeur d'Alene Regional Realtors.

The number of homes sold through August was 1,580, up 6.2% from the same month last year, while current active residential listings totaled 1,170, a 6% increase from a year ago, and up nearly 3% from July.

In Shoshone County, the median home price was $281,200 in August, down nearly 8% from $305,000 a year ago, and a drop from $289,000 in July.

The number of Shoshone County homes sold through August was 104, down 2.8% from the same month last year, but residential listings climbed to 120, an increase of more than 34% from 89 in August 2023, CRR reported.

"Yes the market is still looking solid, however we are seeing many buyers with the 'wait and see' mindset," wrote Jennifer Smock, co-owner and managing broker with Windermere/Coeur d'Alene Real Estate." They are wondering what interest rates will do, and what the elections will bring."

According to bankrate.com, the current average interest rate for a 30-year fixed mortgage is 6.38%, unchanged from a week ago.

Today's national average 30-year fixed refinance interest rate is 6.35%, remaining flat compared to this time last week. Meanwhile, the national 15-year refinance interest rate is 5.70%.

The Federal Reserve is expected to announce an interest rate cut this month and perhaps more to come. That is expected to fuel an increase in sales.

"If interest rates drop, historically sales prices increase a bit," Smock wrote. "This could bring about a bit of urgency for buyers then. Sellers on the flip side are also hesitant to sell, days on market is increasing and typically there are more price reductions daily than new listings."

Smock said she foresees a good fall and winter selling season ahead.