Sanibel real estate blog: 6 1/2 year high in home sales.

WOW! U.S. home sales rose last month to the highest level since February 2007! Resales rose 1.7 % to a seasonally adjusted annual rate of 5.48 million in August in the U.S.

How did we fare locally? In Lee County: the August median price of single-family home was $165,000 and that is up 26.9% from a year earlier. There were 1069 homes sold and that is up 19.3% from a year earlier. Collier County is still hot too with the current median price of a single family home at $ 305,000- up 30.9% over last August. 405 homes were sold in Collier (Naples) at that was 6% increase.

IT all looks like very good news as we hum along in the area real estate market, but economists are concerned that rising interest rates ( 4.57 %  on a 30 year fixed mortgage last week was  a two year high) will hinder progress.

If these numbers make you want to jump into the Sanibel real estate market, give Chuck Andrews, RE/MAX of the Islands a call at 239-849-3396 or check out area listings at www.chuckandrews.com

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