Home prices surge

FORT MYERS — The median price of an existing single-family home in the Fort Myers area rose 41% to $134,000 in October compared with the same month one year ago.

Fewer foreclosures, increased demand and limited supply are factors driving up prices, according to the Realtor Association of Greater Fort Myers and the Beach.

As prices escalated and inventory shrank, there were fewer sales. The association reports the 854 existing-home sales in October represented a nearly 12% drop from the same month in 2011.