Overall, existing-home sales totaled 42,038 during the quarter. This was a 7 percent improvement when compared to the same period in 2010, according to the report. The fourth quarter of 2010 witnessed 39,355 homes sold.

In addition, the median home sales price for the Sunshine State stayed relatively stable compared to the same point one year earlier, according to the report. Overall, the fourth quarter's median home price was $132,000, which was a 1 percent drop year-over-year. The median price in the fourth quarter of 2011 was $133,400.

"The quarterly numbers continue to show the steady improvement of the housing market in Florida," said Dr. John Tuccillo, chief economist for Florida Realtors. "The upward movement in sales has been pretty much across the state. Prices have stabilized, and in general, the state's economy is improving. With that improvement, we expect continued growth in housing activity."

Condominium sales also improved during the fourth quarter, according to the report. The state witnessed 18,558 homes sold during that time, which was 4 percent higher than the 17,922 sold during the fourth quarter of 2010. The median sales price was $88,800, a 5 percent jump from the same period in 2010, when the median was $84,400.

Mortgage rates remained low in the state during the fourth quarter, as well, the report explained. The 30-year fixed-rate mortgage averaged 4.01 percent during the fourth quarter, which was near record low levels. One year earlier, the average 30-year fixed-rate mortgage was 4.41 percent.

The declines in home prices for Florida during the fourth quarter may be similar to what the rest of the United States witnessed during that period. According to a report from Zillow, the value of homes declined 1.1 percent nationwide during the fourth quarter. In addition, the median home value during that time was $146,900, which was still considerably higher than Florida's figure. Part of this may be due to the state's struggles with foreclosures since the burst of the housing bubble.

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