Inventory squeeze pressures home prices

BONITA SPRINGS — The prices for existing single-family homes and condos in south Lee County continued to rise in June while inventories decreased.

The average price of a single-family home rose 10.2% to $519,600 and the average price of a condo rose 28.1% to $369,816 in June compared with the same month one year ago, according to the Bonita Springs-Estero Association of Realtors.

The area of South Lee County is growing rapidly as Hertz nears completion of its global headquarters in Estero and Lee Memorial Health System plans to build a new campus on U.S. 41.