As reported in the Naples Daily News, Naples area home prices floats near the top of a rising tide seen across the nation. Home prices nationwide are on the rise and the Naples- Marco Island areas are close to leading the pack. In year-over-year price increases, the Naples- Marco Island area is outpacing many major cities. According to a report issued by real estate data provider CoreLogic, Naples- Marco Island is beating such big cities as Washington, D.C., New York, Philadelphia and Chicago. In the Naples- Marco Island area, home prices, including distressed sales increased 10.8 % comparded to a year earlier. Excluding distressed sales, they rose 13.2 % . Do these large leaps mean consumers should worry about the threat of a new housing bubble like the one that exploded seven years ago? Sam Khater, deputy chief economist for Core-Logic, said no, because "prices have fallen so far from their peaks." Nationally, prices remain 22.4 % below their April 2006 peak. In Florida, which had many investors looking to cash in on vacation-home price runups during the boom and then hit hard by foreclosure, prices are still 40.5 % below the state's peak, seen in September 2006. Tight inventory for new and existing homes, coupled with pent-up demand from buyers, is driving prices up, the report said.
If you would like any information on the Naples real estate market please call Tamara Wright with Gulf Coast International Properties at 239-438-7898 or [email protected].