Monday's report provided further evidence of this improvement in market fundamentals. Sales of distressed home fell to 21% of the market from 25% of the sales in February, and 29% a year ago.
Distressed sales include both the sale of foreclosed homes and short sales, which are sold for less than the amount owed on the mortgage. The median price of a home sold in the month rose 6% from February and 11% from a year ago to $184,300. And homes were on the market for an average of about two months, down from 91 days a year ago.
S. Florida real estate making a comeback
"Multiple bidding is becoming more common, and more homes are selling above the asking price," said Gary Thomas, president of the Realtors.