Inventory shortages continue to make the homebuying market competitive as supply is unable to keep up with demand.

Median home sale prices in February rose more than 14% from last year, the largest increase since July 2013, according to a new Redfin report.

The report found 36% of homes sold last month went for above the asking price. At the same time, median-home sale prices, nationally, rose 14.4% year over year to $336,200 in February.

The median sale price of a home in Houston was $275,000, a 4.8% increase month over month and an 11.3% increase over last year. In February, 6,163 homes sold in Houston, down 0.9% from last year. Austin was one of the most competitive markets in February where 57.3% of homes sold above list price.

In Texas, home sales fell 15% in Austin and 13% in McAllen. The report found the Texas declines were likely due to escrow delays from the February winter storms.

A decline in homes for sale hit a record low in February. While both closings and pending sales increased from last year, 5% and 21%, respectively, a decline in homes for sale hit a record low last month, as they fell by 16% — the second largest decline since 2012. New Houston listings fell 23.5% from last year.

Time on market also dropped last month as the report found a typical home sold in February went under contract in 32 days — 23 fewer than last year.

“This is the strongest seller’s market since at least 2006,” Redfin Chief Economist Daryl Fairweather said in a press release. “Buyers outnumber sellers by such a huge margin that many homeowners are staying put because they know how hard it would be to find a place to move to.”