According to the report home prices rose in 133 of 152 U.S. metro areas in Q4.

The national median existing single-family home price was $178,900, up 10.0 percent year-over-year. This is the strongest year-over-year jump since Q4 2005.

"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," said the NAR's Lawrence Yun. "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.