Lack of housing inventory is pushing home prices higher in Seattle, according to the latest RE/MAX National Housing Report.

Housing inventory dropped to a 0.6-month supply in February, the lowest level of any major metro area in the country. Meanwhile, the median sale price increased 10.2% to $699,950.

Furthermore, the close-to-list price ratio increased 2.1% year over year to 100.7%, meaning the typical home sold for more than the asking price last month.

“The greater Seattle market continues to experience ultra-low home availability,” John Manning, managing broker at RE/MAX Gateway, said in the report. “Months of inventory is at an ultra-low 18 days. In a balanced market, it would be ten times this amount.

“Median home prices have risen 7.7% between January and February, and similar increases are expected in March,” Manning continued. “The result is shorter time on the market and heated competition between multiple competing buyers for desirable and well-presented properties.”