Kootenai Home Sales Continue Slide November Is Second Straight Monthly Decline For Sales

November home sales in Kootenai County dipped 9 percent compared with the previous year as the market continues to wander in search of a direction.

November represented the second dip in a row for the housing market after three straight months of gains compared with the same months in record-setting 1994.

But most Realtors are pleased with how the year has progressed, said Brain Stranger, president of the Multiple Listing Association, which generates the numbers each month.

“People are still pretty happy with how things are going,” said Stranger, who works for Acuff Northwest Inc. in Coeur d’Alene. “The only thing they might be worried about is that there’s still a lot of homes on the market now.”

More homes for sale means that houses remain on the market longer. “It also makes it harder to keep sellers happy sometimes,” Stranger said.

For the year, only 4 percent fewer homes have changed hands so far compared with last year. Most brokers are optimistic that the market could maintain this pace next year.

“We’re especially hopeful because of interest rates,” Stranger said, reflecting widespread sentiment that the the Federal Reserve could cut rates soon. “Any time you cut rates, it almost always boosts the real estate market.”

Home prices have been dropping overall, which has helped sales.

But for the year, the average cost of homes sold is slightly higher than last year’s record number, according to the listing service.

, DataTimes ILLUSTRATION: Graphic: Home sales