SEATTLE — Home values across the country are up 7 percent since last February, with 3 percent fewer homes to choose from than a year ago, making for another competitive home-shopping season.

The median U.S. home value is $195,700, according to the February Zillow Real Estate Market Reports, the highest value since June 2007.

Across the country there are 3 percent fewer homes on the market than a year ago and many places with rapidly rising home values have inventory shortages in the double-digits. In Seattle, for example, home values are up 11 percent but the selection of homes down 10.5 percent.

Millennials will have a big impact on this year’s home shopping season as they start aging into homeownership, especially in booming job markets that are attractive to young homebuyers, the report said. Minneapolis, Cincinnati and Detroit reported the greatest drop in inventory since last February. In Minneapolis, there are 18 percent fewer homes on the market.