Needham Home Sales Rose in March

Needham's single-family homes actually rose in March, despite an overall decline statewide. The Warren Group blamed that decline on “shrinking inventory," which is “depressing sales volume."

Single-family home sales in Needham rose from 23 in March 2012 to 19 in March 2013. Year-to-date, Needham has seen a total of 58 homes sold – compared to 51 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."

Similar to the commonwealth and Norfolk County, Needham single-family home median sale price actually decreased in March. While Massachusetts saw an 8 percent increase from March 2012, the median price of Needham's 37 homes sold in March 2013 saw a 4 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."

Source: The Warren Group