Kootenai County's housing market is holding strong through the first seven months of the year.

The Coeur d'Alene Regional Realtors reported that the median price of a single-family home in the county was $545,000 in July, up 3% from a year ago.

The number of homes sold through July, 1,398, was up 3.4% from July 2024, while active residential listings totaled 1,243 as of Tuesday, an increase of nearly 10% over the same time last year.

Jennifer Smock, CDA Regional Realtors president and co-owner, managing broker of Windermere/Coeur d'Alene Realty, said Wednesday the market has held steady throughout the spring and summer, with no major shifts anticipated in the near future. 

"A slight dip in interest rates this past week has sparked some renewed activity from buyers, but overall, the pace remains measured," she said, adding that homes that are well-priced and in top condition are the first to sell. 

"Buyers currently have the luxury of time, and urgency is low," Smock said. "In fact, we’re seeing an increase in offers that include home sale contingencies, often from buyers who haven’t yet listed their own properties."

According to bankrate.com, the current average interest rate for a 30-year fixed mortgage was 6.68%, while the average 30-year fixed refinance interest rate was 6.83%. The average 15-year refinance interest rate is 6.13%.

In Shoshone County, the median home price was $285,000, down slightly from a year ago. Homes sold through July totaled 106, up 18%, while residential listings numbered 120, about a 15% increase.

Jared McFarland, a real estate agent with Century 21 Beutler and Associates, said while demand has dipped somewhat compared to 2022, there are still active buyers, and inventory has increased, "creating a fairly balanced market overall."

"The rising inventory is largely due to pent-up supply," he said. "Many homeowners have delayed listing their homes because they’re reluctant to give up a low-interest mortgage for a higher-rate one. But as more people come to terms with the fact that rates aren’t likely to drop significantly anytime soon, they’re moving forward with their life plans and listing."

"Buyers are following a similar path," McFarland said. "Even though many have been waiting for rates to come down, we’re seeing more of them decide to buy now rather than wait any longer."

He said the market is more favorable for buyers than it has been in past years, but overall remains balanced. 

"Buyers now have options and a bit of time to make decisions — something that wasn’t possible during the frenzy of 2021," McFarland said. "They can often make offers below asking price and have a chance at getting a better deal. That said, if a home is priced aggressively or represents strong value, it will still sell quickly and possibly over asking."

McFarland said interest rates remain a major factor in buyer decision-making. Since rates began rising, home prices have gradually adjusted downward to account for reduced affordability. 

"We’re now starting to see prices inch back up slightly, which suggests the market is finding its footing," he said.

Most professionals in the industry expect rates to remain relatively stable in the near term, with no dramatic shifts up or down, McFarland said. 

"While buyers often fixate on rates, I believe it’s more important to focus on the attributes of the home and whether it’s a good long-term fit and value," he said.

As summer winds down, McFarland expects to see more price reductions from sellers who worry they’ve missed the prime selling season. Inventory typically drops in the colder months, and buyer activity tends to slow as families focus on back-to-school and the holidays.

"But I’ve also had some very active winter months, so anything is possible," McFarland said.

According to a study by Eden Emerald Buyers Agent, Idaho is the safest state to purchase property. It analyzed Crime Data Explorer for crimes against property for the most recent year available, 2023, to identify which states have the highest and lowest property crime rates. 

The study found that Idaho has the lowest property crime rate based on FBI crime data recorded in 2023, with 1,474 crimes per 100,000 people. 

It also found that concern over robbery is lowest in Idaho, with the state recording the lowest rate in the U.S., at 10 crimes per 100,000 people, and property crime in Idaho is 50% lower than the national average.