Home and condominium closed sales inched upwards in the Naples area in May. According to the Naples Area Board Of Realtors (NABOR), closed sales totaled 838 in May compared to 803 during the same month of 2010. The median price of closed sales also increased from $190,000 in May 2010 to $208,000 last month. The total time it took to sell a home in the Naples area increased in May to 179 days from 165 in May 2010. NABOR also reports that inventory (the total number of housing units for sale) decreased substantially year over year. There were 7705 homes and condos for sale in the Naples area in May 2011 down from 9006 during the fifth month of last year.

Statistics released by Florida Realtors show single family home sales in Lee County dropped 8% year over year in May. There were 1,338 homes sold with the assistance of a Realtor in Lee County last month, down from 1,460 during May 2010. The median price of a single family home in Lee County increased 19% in May 2011 from one year ago, jumping to $114,900 from $96,900 during the same month in 2010. 

Nationally, home sales dropped 3.8% in May  to a seasonally adjusted annual rate of 4.81 million.