Naples home prices rise

NAPLES — The median price of an existing single-family home in the Naples area rose 15% to $258,000 in April compared with the same month a year ago.

As prices rose, sales fell, according to the Naples Area Board of Realtors. The association reported sales of existing single-family homes fell 2.7% to 431 in April compared with April 2011.

Based on April's sales volume, there is nearly an eight-month supply of existing single-family homes on the Naples-area resale market today.

Meanwhile, the median price of an existing condo rose 18% to $195,000 in April compared with April 2011. The number of condo sales rose 1% to 529 in the same month. There is a 7.2-month supply of existing condos on the resale market based on April's sales volume.

Since April 2011, the inventory of existing single-family homes has declined 16% and the inventory of existing condos has dropped 14%, according to Naples Realtors.