Lee home prices jump 27%

FORT MYERS — The median price of an existing single-family home continued to rise sharply in August as the inventory of homes for sale continues to shrink.

The median price of an existing single-family home rose 27% to $165,000 in August compared with the same month one year ago, according to the Realtor Association of Greater Fort Myers and the Beach.

“First-time buyers continue to be challenged by tightening credit, rising interest rates, higher listing prices and low inventories,” says Doreen Falcone, association president, in a statement.

Current inventory combined with the current pace of sales reflects a five months' supply of homes for sale in Lee County in August. This is down 11.5% from August 2012 when the inventory supply was 5.7 months. Despite the decline in inventory, Realtors helped sell 1,069 single-family homes in August. That's 19% more than the same month one year ago.

Meanwhile, the median price of a condo in August rose 22% to $146,515 compared with the same month in 2012. Realtors helped sell 469 existing condos in August, 11% more than in August 2012.