Tampa Bay's housing market inched upward in May.
The median price of existing homes jumped 3.1 percent to $134,000. The figure is also up 14.5 percent from January, according to Tampa's Home Encounter, a full-service real estate firm. Median prices on foreclosure sales have also risen 16.2 percent since January, and short sales climbed 3 percent in that period.
In the year-over-year category, conventional sale prices are up 8.7 percent; foreclosures are up 5.3 percent; and short sales are down slightly. Peter Murphy, Home Encounter's president, believes the housing market is headed for better days.
"The road to recovery is going to be a long one" Murphy said. "But we can finally say that we've started that journey. Now we're hoping that it will be a smooth one."
Still, the median sale price of bay area homes has dropped 45 percent from June 2006, when it was $245,000, he said.