BOSTON (AP) — Housing prices in the Boston-area have reached record levels.

The median price for a single-family home in the region was nearly $725,000 last month, setting a new record, according to the Greater Boston Association of Realtors.

The $723,750 price for a typical home in the area was 14% higher than last March’s figure. The number of properties for sale, meanwhile, fell by one-third in the same period.

Industry experts say buyers looking for more space during the pandemic are finding too few properties on the market in the city’s suburbs, creating bidding wars that are driving home prices up, The Boston Globe reports.

Condominium prices, by contrast, dipped slightly to $617,500, while condo listings increased by 30%, the Globe reports.

The newspaper says there’s evidence the housing marking is starting to open up, as the number of newly listed single-family homes rose 8% and new condo listings jumped 48% in March.

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