Housing, economic summit coming up

| May 6, 2024 1:00 AM

COEUR d'ALENE — A housing and economic summit is scheduled from 11:30 a.m. to 1:30 p.m. May 29 at the Hagadone Event Center.

The National Association of Home Builders is sending four department heads to the summit. They will take a look at projected interest rates, how the supply chain affects housing affordability and the role Washington, D.C., plays in the well-being of the housing industry in the nation and in Idaho.

Interest rates have not fallen as hoped. According to bankrate.com, the national 30-year fixed mortgage is 7.36%.

"Mortgage rates have jumped around but remain elevated. In 2024, experts were predicting the 30-year mortgage to slowly fall, eventually landing under 6%," it said.

According to the Coeur d'Alene Regional Realtors, the median price of a single-family home in Kootenai County is $507,000, up slightly from a year ago.

It said 444 homes had been sold in Kootenai County through March, also a slight increase from the same time frame last year, and there were 695 residential listings as of early April, down slightly from the same time in 2023.

The summit is hosted by North Idaho Building Contractors Association. NAHB's speakers include: Carl Harris, president; Jim Tobin, CEO; Robert Dietz, chief economist, and Lake Coulson, chief lobbyist.

Tickets are $85.