TALLAHASSEE, Fla. -- Florida's housing market continues to grow stronger, according to the latest report from Florida Realtors.

Home sales are up nearly 11 percent compared to a year ago. And pending sales -- deals that have not closed yet -- are up 40 percent.

Prices are increasing too. The median price of a home in Florida now stands at $147,000. That's up nearly six percent from a year ago.

The state's inventory of homes is dropping and that's another sign of a strengthening housing market. Florida has just over five months' inventory of homes, indicating a seller's market is taking shape.

That means home prices will likely continue to rise as buyers compete for fewer houses.

Nationally, home sales are up nine percent compared to a year ago. The national median price for a home is $188,000.

First Coast News