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 Miami was $377,500, a 0.7% increase month over month and an 18% increase over last year. In February, 2,528 homes sold in the Miami area, up 23% from last year.

Miami also had the largest share of homes predicted to sell below list price (89.1%) according to the report, followed by West Palm Beach (85.4%) and Fort Lauderdale (84.1%).

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 Miami listings fell 2.9% 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.”