Southwest Florida's single-family home price growth in the third quarter was among the highest in the nation, a new report shows. Comparing the quarter with the same period a year earlier, the Naples-Marco Island area ranked third while the Cape Coral-Fort Myers area was fourth, according to a report released Thursday by the National Association of Realtors.
Home prices in Naples-Marco Island rose 16.8 percent, to $400,000 from $342,500 a year earlier, the trade group said. Price increases were nearly as high in Cape Coral-Fort Myers -- up 16.7 percent, to $210,000 from $180,000.
Naples economic consultant Mike Timmerman said that Southwest Florida's home prices are only at 72 percent of peak prices during the housing boom. NAR chief economist Lawrence Yun said in the report that Southern metros were among those with the fastest appreciation over the year. Demand is being spurred by more jobs and an influx of vacation and foreign buyers, he said.
This information was taken from an article published in the Naples Daily News on 11-13-15.