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Florida Home Sales Continuing to Rebound

TAMPA - Florida homes sold quicker, more often and for higher prices last month than in March 2012, as tight supplies and investor zeal helped the market to revive, state Realtors data show.

Florida's median home prices last month bested the year before for the 15th month in a row, climbing 15 percent. Sales climbed 9 percent over March 2012, with nearly half of the 20,000 closings paid in cash.

Tight inventories continue to turn the market's screws, squeezing newly emboldened buyers into shrinking supplies. If no more homes were added, the state's inventory would sell in five months, below the six-month supply commonly considered healthy.

Bidding wars, often between prospective buyers and speculative investors, helped trim the typical home's days on the market to less than two months while bumping prices higher.

"Inventory remains an issue, but this is fast becoming a sellers' market," state Realtors chief economist John Tuccillo said.

More Tampa Bay homes sold last month than have in nearly seven years, the Tampa Bay Times reported April 12. The typical home's price soared 22 percent since March 2012, My Florida Regional Multiple Listing Service data show.

Home sales nationwide rose 10 percent last month over March 2012, the 21st month in a row of year-over-year gains. The typical home sold for $184,300, up 12 percent over the year before.

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