Lee home prices rise

FORT MYERS — The median price of a single-family existing home rose 26% to $130,000 in April compared with the same month a year ago, a sign of an improving residential real estate market.

The price increase reflected lower levels of inventory and fewer distressed sales, according to the Realtor Association of Greater Fort Myers and the Beach. The inventory of single-family homes for sale in the Fort Myers area dropped 45% to 3,623 in April compared with April 2011.

In April, 66% of the home sales in the Fort Myers area were traditional sales and the remaining were either foreclosures or short sales. During the downturn, most of the sales were distressed.

As prices moved higher, the number of sales declined. The association reported a 16% drop in the number of sales in April to 1,193 compared with the same month one year ago.