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Tampa, Florida - The housing market may have finally hit bottom in the Bay area and now prices appear to be on the rebound.

Since January, Peter Murphy with Home Encounter says area home prices have risen 14.5%.

"We've finally reached a point here in the month of May where we are not only seeing an increase in prices overall, but we're also seeing an increase for individual product segments. So foreclosure prices are up, conventional sale prices are up, short sales are up and we're seeing an increase in volume of sales," Murphy said.

He says MLS data shows the median prices for foreclosures jumped 16.2% since January, while conventional sales prices increased 14.5% and short sales rose by 3%.

"We're seeing more and more multiple offer situations," said Paul De La Torre a local realtor with Keller Williams when asked about market.

"If the houses are priced right, in the right area they are going quick. I just put one under contract in Zephyrhills, it wasn't on the market two days and we had multiple offers on it, Gulfport the same thing and it's all price ranges," he added.

In addition to sale prices jumping, Murphy says the number of homes sold has also gone up. He says conventional sales and short sales are up 24.6% and 20.4% respectively over this time last year.

Murphy predicts that as prices rebound, there may also be some areas where values jump by 10 or more percent as the market readjusts from what he calls an overcorrection.

"At the peak of the market, the median sold price was $245,000. Last month the median sold price was $130,000. That's a substantial drop, I think it's too low and so what we might see over the next couple of years is an acceleration in the rate of appreciation that's above the norm."

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