Fort Myers home prices up 3%

FORT MYERS — Home prices in the Cape Coral-Fort Myers metro area are up 3.3% over the past year, according to CoreLogic. That appreciation bucked the statewide trend as home prices across Florida fell 5.4% on average.

The price gains in Cape Coral-Fort Myers appear to be strongly connected to a reduced inventory of distressed sales. CoreLogic estimates that sale prices for homes outside of the foreclosure process were essentially flat over the year, suggesting the 3% boost was caused by a reduction in foreclosure activity.

In Tampa-St. Petersburg-Clearwater, single-family home prices fell 11.2% over the year. In North Port-Bradenton-Sarasota, prices were down 5%.