Naples home prices jump 36%

NAPLES — Fueled by low inventory and strong demand, the median price of an existing single-family home in Naples rocketed 36% to $299,000 in August compared with the same month one year ago.

Meanwhile, the median price of an existing condominium rose 20% in August to $200,000 compared with August 2012, according to the Naples Area Board of Realtors.

“This has been a better summer for home sales across the board than we have seen in years,” said Mike Hughes, vice president and general manager of Downing-Frye Realty in Naples, in a statement.

The overall median sale price of homes in the Naples area has now risen for 14 consecutive months, according to the association.

In part because of lower inventory of homes available for sale, the number of existing single-family home sales dropped 6% in August to 357 compared with August 2012.

By contrast, higher inventories of existing condos available for sale led to a 20% increase in the number of condo sales in August, according to the association.