North Reading Home Sales Increase in March

North Reading's single-family home sales increased slightly in March, but Massachusetts home sales dropped, which The Warren Group blamed on “shrinking inventory," which is “depressing sales volume."

Single-family home sales in North Reading increased from 6 in March 2012 to 8 in March 2013. So far this year, North Reading has seen 22 homes sold – compared to 15 in 2012, according to The Warren Group, which publishes Banker & Tradesman.

"Low inventory is plaguing housing markets all over the country, and Massachusetts is no exception," said David Harris, editorial director at The Warren Group. "With mortgage rates low and prices competitive, we're hopeful more sellers will emerge and the trend in dropping home sales will reverse."

North Reading’s single-family home median sale price increased in March. While Massachusetts saw an 8 percent increase from March 2012, the median price of North Reading's 8 homes sold in March 2013 was a 20 percent increase from March 2012, according to The Warren Group.

"It's clear that the low supply of homes for sale is continuing to pressure prices," Harris said. "And there is definitely concern that such steep price spikes will cause an affordability issue."

Source: The Warren Group