Housing sales slow, listings rise
BILL BULEY | Hagadone News Network | UPDATED 3 years, 5 months AGO
A Windermere Coeur d'Alene Realty sign is in front of a property at 11th and Mullan on Friday.
Bill Buley covers the city of Coeur d'Alene for the Coeur d’Alene Press. He has worked here since January 2020, after spending seven years on Kauai as editor-in-chief of The Garden Island newspaper. He enjoys running. | July 23, 2022 1:00 AM
COEUR d’ALENE — While home sales have slowed in Kootenai County, the median home price has actually risen recently, according to the latest report of the Coeur d’Alene Regional Realtors.
Additionally, the number of active residential listings shot up 44%, climbing from 698 in May to 1,006 in June. In January, there were just 160 homes for sale in the county.
The median home price in June was $560,000, up 24% from a year ago, but only a very slight increase from $559,000 in May.
Homes sold through June in the county totaled 1,362, down 18% from the same time last year. In June, 243 homes were sold in the county.
Re/Max released its June National Housing Report this week. Most notably for Coeur d’Alene, transactions were down.
According to a Re/Max snapshot of Coeur d’Alene’s housing market report for June, closed transactions were 328, down 32% from last year and 12% from last month.
The housing inventory supply was at 2.6 months, up 160% from a year ago, and up 62% from last month, according to Re/Max.
"The market is moving toward greater balance, especially with inventory gains and the slowing of price appreciation. The past few years have been one of the most competitive times ever for buyers — and we're finally seeing conditions ease up," said Nick Bailey, Re/Max president and CEO.
He said even more significant was the increase in listings after several years of instant sales, multiple offers and low inventory.
He said some previously hot markets saw an increase in new listings of over 20% last month, "bringing new options for buyers who may have sidelined themselves in the frenzy of last year."
Rising mortgage interest rates have impacted the housing market.
A 30-year fixed-rate mortgage was 5.67%, according to NerdWallet, nearly double what it was a year ago.
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