CORRECTION: The story has been corrected to show the median price of a San Francisco home is $1.15 million.

Dive Brief:

The median price of a San Francisco home is $1.15 million, up 15% from this time last year, according to real estate site Redfin.

July’s price increase marks the sixth straight month of double-digit growth of home values in the city, even as the median home price region-wide fell 4.5% to $907,500, Redfin reported.

A lack of homes for sale pushed prices upward. The city’s inventory of homes was down more than 16% from a year ago, the report said, leaving San Francisco with about one month’s supply of homes for sale.

Dive Insight:

A six-month supply of homes for sale indicates a balanced market, Redfin analysts noted. When inventory is this tight, home sellers can raise prices as high as the market will bear.

Despite rising home prices across the state, however, California homeowners continue to buy.

Pending home sales statewide soared in July when compared with the same month a year ago, for the sixth consecutive month of increases, according to a Monday report by the California Association of Realtors.

In the San Francisco Bay area, pending sales were up 9.2% from a year ago. As the activity pushes home price up, it continues to put the area’s housing out of reach for low- and moderate-income Californians. A San Francisco home on the market for the median sales price costs 225% more than a median-income household there can purchase, the association reported.