In what's becoming a new pattern in this housing market, Tampa area home sales rose 20 percent from March 2008 to March 2009.

The Greater Tampa Association of Realtors reported 1,400 sales last month, compared to 1,162 a year earlier. Over that year, sales prices gave up 27 percent, falling from an average of $230,204 to $168,071.

Is this the first step towards a housing recovery? Hard to say. But I've spotted several encouraging signs:

• The inventory ofhomes on the For Sale listings dipped 3,363 from March to March. The 16,778 homes on the Realtor listings represent a 12 months supply at the current sales rate. A healthy market has a 4 to 6 month supply, but 12 months is the most balanced supply we've seen in 2 1/2 years.
• Homes sales, measured year to year, have risen for 7 consecutive months.
• While it's true that foreclosures make up a quarter to half of all sales, the market seems brisk for those bank-owned properties. There were fewer cash buyers in Hillsborough County in March (32 percent versus 37 percent in February). That suggests mortgage lending is loosening a bit, or that more buyers are applying for home loans.

Here's a chart: Download Gtarmarch09