by Mike Colpitts 
Fort Myers home sales jump two straight months as mortgage rates stabilize and the spring selling season kicks into high gear, according to statistics from the Royal Palm Coast Realtor Association MLS. The figure represents a jump of 49% in residential sales over the month of February.
The volume of sales in Lee County, Florida which includes Fort Myers, Cape Coral, Fort Myers Beach and North Fort Myers rose to 1,906 in April, a 14 unit increase over the previous month. It was the second straight month that the sale of residential properties jumped. The figure includes single family homes, condos, townhouses and manufactured homes.
Jump in Home Sales Develops as Prices Fall
The increase in sales came as housing prices continued to fall throughout the region, which had seen double digit appreciation during the Covid pandemic. The jump is a result of mortgage interest rates beginning to show stabilization and a market that saw housing prices continue to decline.
Mortgage interest rates fell to historic lows during the COVID pandemic, falling below 3% in 2020 due to emergency actions by the Federal Reserve. As inflation surged in 2022, the Fed raised their discount cost of borrowing, pushing mortgage rates to their highest levels in 20 years.
The median price of a home in Lee county sold for $369,945 in April, a decline from $402,000 at the top of the market in May, 2022. Sold home prices have shown a continued decline as buyers make lower offers on homes listed for sale.
Listings Rise as Fort Myers Home Sales Jump
The volume of homes listed also keeps rising, with 16,006 homes, condos, townhouses and manufactured homes on the market for sale in Lee County.
Mortgage rates saw a small drop during the last week. The 30-year fixed rate mortgage averaged 6.76% as of May 1st, a decline from 6.81% the prior week. A year ago the same mortgage was 7.22%.
“Mortgage rates again declined this week,” said Sam Khater, Freddie Mac’s Chief Economist. “In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average of 6.83%.”
Freddie Mac reported the average 30-year rate climbing from 3.22% in January 2022 to a peak of 7.08% in October, 2024 marking a major shift in borrowing costs. The increase in rates stands close to the average mortgage rate since 1971.
Between April 1971 and March 2025, 30-year fixed-rate mortgages averaged 7.73%, according to Freddie Mac statistics, which have been the leading indicator for mortgage rates for years.
As the spring homebuying season winds down, the 30-year fixed-rate mortgage saw more signs of stabilization. The slight decline in rates increases homebuyers purchasing power and is getting many home buyers to make purchases in the local market.