Real Estate

Reading Home Sales Increase Slightly in March

Home sales increase slightly year over year.

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 Reading increased from 9 in March 2012 to 10 in March 2013. So far this year, Reading has seen 30 homes sold – compared to 30 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."

Find out what's happening in Readingfor free with the latest updates from Patch.

Reading’s single-family home median sale price decreased in March. While Massachusetts saw an 8 percent increase from March 2012, the median price of Reading's 30 homes sold in March 2013 was a 5.96 percent decrease 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."

Find out what's happening in Readingfor free with the latest updates from Patch.

Reading March 2012 March 2013 % change March sales 9 10 11.11% YTD sales 30 30 0% March median sale price $486,000 $430,900 -11.34% YTD median sale price $478,000 $449,500 -5.96% Massachusetts March sales 3,215 3,100 -3.58% YTD sales 8,017 7,849 -2.1% March median sale price $263,000 $285,000 8.37% YTD media sale price $255,500 $282,500 10.57%

Source: The Warren Group

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