Record-low supply spurs unprecedented winter homebuying competition.

The median home sale price rose 3.5% between January and February, the fastest month-over-month gain ever seen during the winter months. Prices were up 16% year over year to an all-time high of $389,500 in February as the number of homes for sale fell to another new low. The lack of inventory is holding back home sales, which fell 4% from January.

“An acute shortage of homes for sale continues to stymie buyers in the current market,” said Redfin chief economist Daryl Fairweather. “Rather than dropping out of the housing market, homebuyers only seem to be getting even more voracious, driving prices up at a startling clip. Typically, rising mortgage rates weaken demand for homes—we don’t see demand weakening yet, but we will be watching to see if buyers back off or remain steadfast amidst rising borrowing costs.”

“Virtually every home for sale gets multiple offers these days,” said San Diego Redfin real estate agent Ashley Van Leuven. “Most listings receive 20 or more offers, and the buyers who win are nearly always waiving contingencies and offering substantially above list price—sometimes by several hundred thousand dollars.”