The region’s housing market surged in August, with prices for single-family homes both statewide and in Greater Boston leaping by double digits compared with the same month last year.
Fueled by strong demand — despite the pandemic-induced recession — coupled with a severe shortage of properties for sale, prices for single-family homes jumped 14 percent to a record-high median of $480,000, according to Boston real estate data firm The Warren Group. Condominium prices climbed 5.9 percent, to $425,000.
The dramatic increases came as the number of homes listed for sale in Greater Boston dropped by 23 percent compared with last August, according to data from the Greater Boston Association of Realtors. Many would-be sellers have decided to stay put this spring and summer, real estate agents say, even as cooped-up renters are looking for places to buy and spread out a bit.
That supply-and-demand imbalance, along with a delayed selling