The Jacksonville area performed well in the fourth quarter of 2012 but still lagged behind the nation in median home price and the percentage of change over 2011.
The median price for homes in this area was $130,500 in the final three months. That's a 7.3 percentage increase.
Nationally, the price was $178,000, a 10 percent increase over the final 2011 quarter.
Overall, the median existing single-family home price rose in 133 out of 152 metropolitan statistical areas based on closings in the fourth quarter compared with same quarter in 2011, while 19 areas had price declines.
Lawrence Yun, NAR chief economist, said all the conditions for strong price growth are at play.
"Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years," he said. "Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates.
"Our population has been growing faster than overall housing stock, so supply and demand dynamics are very much at play."
Yun added that more housing construction is needed to relieve some of the pressure in the market and keep home prices from overheating.