Naples home prices surge 27%

NAPLES — Prices for existing single-family homes continued to surge in the Naples area, rising 27% in May compared with the same month one year ago.

Increased demand and shrinking supply of existing single-family homes on the market drove the median price to $320,000 in May compared with $252,000 the same month one year ago, according to the Naples Area Board of Realtors.

“The lack of inventory is creating multiple offers in many situations,” said Wes Kunkle, president of the association and managing broker of Weichert Realtors on the Gulf.