Fifteen of 20 Florida metro areas reported gains in single family home sales over the past year. The Tampa Bay area was no exception.

Local sales rose 16 percent from March 2008 to March 2009, from 1,974 a year ago to 2,292 this year. Prices were down 24 percent, falling from $178,300 to $135,800 year over year.

Realtors attributed the sales rise to entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions.

Lawrence Yun, chief economist with the National Association of Realtors suggested the price declines don't represent the whole market. In fact, Tampa Realtors point out that bank-owned foreclosure homes sell for about two-thirds the price of undistressed sales.

 “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said Lawrence Yun, chief economist with the National Association of Realtors.

The sales rise in Cape Coral-Fort Myers is nothing short of astonishing. Transactions nearly tripled in one year, from 501 in March 2008 to 1,464 in March 2009. Not surprisingly, that foreclosure-laden market has seen one of the steepest price declines in the U.S.