Stronger demand amidst lagging inventory levels caused home prices to accelerate in many metro areas during the first quarter of 2015, and the number of areas experiencing double-digit price appreciation doubled compared with last quarter, according to the latest quarterly report by the National Association of Realtors (NAR).

The median existing single-family home price increased in 85 percent of measured markets, with 148 out of 174 metros showing gains based on closings in the first quarter compared with the first quarter of 2014. Twenty-five areas (14 percent) recorded lower median prices from a year earlier.

Though the Boston area is one of the most expensive markets in the country (ranked 12th among all the cities tracked by NAR), when it comes to price increases, it was toward the bottom of the pack, with prices rising only 3.1 percent in the first quarter compared with 2014, 122nd among the 170-plus cities in the report. Two other Massachusetts metros tracked by NAR saw much steeper price raises: Barnstable prices were up 9.2 percent year over year in Q1, 56th among all cities tracked, while the Providence-New Bedford-Fall River area saw prices rise 7.5 percent, 75th among all cities tracked. Three other Bay State metros lagged behind Boston: Springfield (prices up 2.7 percent, ranked 126th), Worcester (up 0.4 percent, 147th) and Pittsfield, one of the 14 metros which saw prices decline (down 11.7 percent, ranked 173rd).

The number of rising markets in the first quarter was mostly unchanged compared with the fourth quarter of last year, when price increases were recorded in 85 percent of metro areas. Fifty-one metro areas in the first quarter (28 percent) experienced double-digit increases, a sharp increase from the 24 metro areas in the fourth quarter of 2014. Thirty-seven metro areas (22 percent) experienced double-digit increases in the first quarter of 2014.

Lawrence Yun, NAR chief economist, said after moderating to healthier levels of growth at the end of 2014, prices picked up in several metro areas during the first quarter. “Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest rates encouraged more buyers to enter the market,” Yun said in a statement. “However, stronger demand without increasing supply led to faster price growth in many markets.”

Adds Yun, “Sales could soften slightly in some of these markets seeing sharp price appreciation unless housing supply markedly improves and tempers its unhealthy level of growth.”

The national median existing single-family home price in the first quarter was $205,200, up 7.4 percent from the first quarter of 2014 ($191,100). The median price during the fourth quarter of 2014 increased 6 percent from a year earlier.

Total existing-home sales, including single family and condo, declined 1.8 percent to a seasonally adjusted annual rate of 4.97 million in the first quarter from 5.06 million in the fourth quarter of 2014, but are 6.2 percent higher than the 4.67 million pace during the first quarter of 2014.

At the end of the first quarter, there were 2 million existing homes available for sale, slightly above the 1.96 million homes for sale at the end of the first quarter in 2014. The average supply during the first quarter was 4.6 months – down from 4.9 months a year ago. A supply of six to seven months represents a healthy balance of supply between buyers and sellers.

“Homeowners throughout the country have enjoyed accumulating household wealth through the steady rise in home values in the past few years,” said Yun. “However, some homeowners are hesitant to move up and sell because they aren’t confident they’ll find another home to buy. This trend – in addition to subpar homebuilding activity – is leading to the ongoing inventory shortages and subsequent run-up in prices seen in many markets.”

The five most expensive housing markets in the first quarter were the San Jose, Calif., metro area, where the median existing single-family price was $900,000; San Francisco, $748,300; Honolulu, $699,300; Anaheim-Santa Ana, Calif., $685,700; and San Diego, $510,300.

The five lowest-cost metro areas in the first quarter were Youngstown-Warren-Boardman, Ohio, where the median single-family home price was $64,300; Cumberland, Md., $71,600; Rockford, Ill., $78,600; Decatur, Ill., $82,200; and Toledo, Ohio, $83,800.

Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing-condo price was $193,500 in the first quarter, up 1.5 percent from the first quarter of 2014 ($190,600). Forty-seven metro areas (77 percent) showed gains in their median condo price from a year ago; 14 areas had declines.

Total existing-home sales in the Northeast dropped 11.2 percent in the first quarter but still remained 2.2 percent above the first quarter of 2014. The median existing single-family home price in the Northeast was $245,000 in the first quarter, up 2.4 percent from a year ago.