Demand from homebuyers continues to outpace supply, according to new housing numbers released yesterday, and experts said relief from rising prices and low inventory isn't in sight anytime soon.
"There just aren't as many homes on the market as there are people who want to buy them," said Timothy Warren, CEO of the Warren Group.
The Warren Group reported sales of single-family homes were down 8 percent in March compared to the same month a year ago and prices were up 9 percent. The Massachusetts Association of Realtors reported sales dropped 12 percent while the median price of a single-family home rose more than 8 percent to more than $314,000. The groups use slightly different figures in their calculations.
Realtors' president Peter Ruffini said low inventory is driving prices higher and sales volume lower.
"We don't want to see price appreciation get to a point where it slows the market down," Ruffini said.
Warren said new construction is picking up after a prolonged slowdown during the recession, but the lengthy approval process is keeping the numbers down.
"They are building now, just not enough to meet the demand," Warren said. "It takes a while to get stuff into the pipeline."
The U.S. Department of Housing and Urban Development said yesterday that new home sales in the Northeast were down 22.9 percent from a year ago, but rose 12.5 percent from February.
Ruffini said that even though inventory is down compared to last year, the number of new listings is rising.
"There is a ray of hope," he said.
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