Lee home prices keep rising

FORT MYERS — The median price of existing single-family homes in Lee County rose 33% to $137,000 in November compared with the same month one year ago, according to data from Realtors.

The price surge continues as cheap foreclosures and short sales slow. Traditional sales made up nearly 68% of all sales in November, according to the Realtor Association of Greater Fort Myers and the Beach.

The surge in prices emboldened sellers as Realtors reported a 17% increase in the number of homes for sale in November compared with the previous month. Despite this, the inventory of homes for sale still remained a low 3.8 months in November, the same as November 2011.