The Seattle area had the third-largest home-price spike in the country during August, according to RE/MAX’s latest National Housing Report. The market’s median price — $745,000 — is now the fourth-highest in the United States.

In August, Seattle’s median home price rose 8.5% from $686,500, hitting $745,000. That growth was outpaced only by Burlington, Vermont, and Tulsa, Oklahoma. Prices there were up 14.1% and 10.3%, respectively. Meanwhile, Anchorage, Alaska, also experienced an 8.5% price increase. Trailing Seattle and Anchorage was Trenton, New Jersey, with an 8% increase.

Though Seattle came in No. 3 in terms of price percentage increases, it came in No. 4 in terms of overall price. All three of the top-priced markets were in California: San Francisco was the most expensive, with a median sales price of $1.1 million, followed by Los Angeles and San Diego, where the median home cost $940,000 and $873,000, respectively. Seattle’s median home price was $745,000, followed by Bozeman, Montana, with median sales price of $735,000.

Additional localized data from the RE/MAX report showed that Seattle home sales were down 2.6% year over year, although inventory was up by a whopping 41.4%. The average time on the market also increased by four days, hitting 50 days during August.

John Manning, managing broker of RE/MAX Gateway in Seattle, offered his perspective on the findings. “End-of-summer demand shows no signs of slowing down, especially in the upper markets, with a sustained shortage of available homes and continued buyer demand growth,” he said. “Mortgage interest rates have been trending downward, providing support for continued price appreciation.”

Overall, he expects strong demand into the fall as interest rate reductions will likely boost demand.