According to a new report from the Naples Area Board of Realtors, home prices increased 22 percent on existing single-family homes to $388,000 in August compared with the same month one year ago. Homes priced less than $300,000 rose 14% to $232,000 in August compared with August 2014. The median price of existing single-family homes over $300,000 rose a more modest 2% to $502,000 in August. The condominium market fared well with an increase of 7 percent to $235,000 compared with the same month a year ago.
“One factor contributing to the impressive activity in August may be that buyers are concerned an impending rate increase will occur this fall,” says Pat Pitocchi, corporate trainer at Downing-Frye Realty, in a statement from the association.
