The Seattle area’s median home price has surpassed $700,000, and the region ranks second in the U.S. for fastest-selling homes, according to a new RE/MAX report.

The RE/MAX National Housing Report put the median home-sale price for the Seattle area at nearly $730,000. That’s the highest price recorded by RE/MAX and the first time the median has passed $700,000.

The report said the average home in the Seattle metro area sells in just 12 days, the second-fastest in the nation behind only Nashville at 11 days.

Home prices in the Seattle area are 18% higher than last year and selling 30% faster, the report found.

“The real estate market in Western Washington continues to be very aggressive despite rising interest rates,” said Scott Comey, CEO of RE/MAX Elite in Lynnwood. “The average number of offers per listing that we are seeing has decreased a bit and is right around five. Strong employers and lack of inventory are what’s keeping Western Washington a strong seller’s market.”  

The report studied 51 U.S. metro areas and found the national median home sales price to be $360,000, a record high for the RE/MAX housing report.