Lee 3rd for home appreciation

Fed study ranks Lee County third nationally

The latest numbers from the Office of Federal Housing Enterprise Oversight’s(OFHEO), Home Price Index ranks the Cape Coral-Fort Myers Metropolitan Statistical Area (MSA) third nationally for home appreciation for the 12 month period ending March 31, 2006.

The appreciation rate in Lee County was 36.9 percent for this period and topped only by St. George, UT at 38.4 percent and Naples-Marco Island 37.73 percent. The national average appreciation rate for the year was 12.5 percent.

This appreciation ranking caught me off guard as there has been very little price appreciation over the past six months in this market. The gains are reflective of the screaming market in 2005.

1Q06 Home Price Index [Office of Federal Housing Enterprise Oversight]