Speaking at the 2012 Naples Area Board Of Realtors Economic Summit, a leading economist predicted that Naples home prices may see double digit increases this year.

National Association Of Realtors chief economist Lawrence Yun, speaking specifically about the Naples market during the current year, told those in attendance ” I would not be surprised with 10 percent appreciations”. Yun elaborated by saying “”This is not some wishful thinking”, adding that he believed an over correction in the local market has pulled prices down too far.

Yun also addressed the shortage of new home construction.”You build it, they will come,” he said, adding that the buyers may not all come this year, but they’ll come in the next year or two.

Other speakers at the Summit moderated by state Rep. Matt Hudson included John Tucillo, Florida Realtors, chief economist; Shelton Weeks, FGCU economics and finance chair; Doug Duncan, Fannie Mae chief economist; and Cindy Carroll of Carroll & Carroll Real Estate Appraisers.

Tucillo pointed out a common misconception of people who live outside of Florida. “People outside the state still think we’re in the dumper,” he said. But they’re wrong, he said, pointing out that home sales have steadily increased virtually ever month since last year in Florida. “I think Florida real estate is back in a mini-recovery,” Tucillo said, but he added there’s still a long way to go.