Dive Brief:

• The median price of a home for sale in San Francisco is almost $1 million, according to real estate firm Redfin. That’s 16.2% higher than it was a year ago.

• The $979,750 median price tag isn’t deterring buyers, however. Closed home sales boomed by 12% in February when compared with February 2014.

• Prices in the City by the Bay don’t reflect national norms, however. While the median sales price in the 50 cities Redfin tracks have increased 5.4% since last February, the median price hovers at around $258,300.

Dive Insight:

Home prices have been on the rise for seven months, consistently edging up by between 4.9% and 5.4% a month. Tight inventories continue to put upward pressure on home sales, giving buyers the opportunity to make more reasonable offers instead of stretching their budgets. In fact, Redfin reported, 16.4% of homes sold for more than asking price in February—down from 18.6% a year ago.