Low supply plagues spring housing; Phoenix prices surge

Screen Shot 2016-05-25 at 9.37.49 AMDiana Olick | CNBC

The usually strong spring housing market could be far stronger this year, if only there were more homes for sale.

The number of listings continues to drop, as demand outstrips supply and potential sellers bow out, fearing they won’t be able to find something else to buy.

The inventory of homes for sale nationally in April was 3.6 percent lower than in April 2015, according to the National Association of Realtors. Redfin, a real estate brokerage, also recently reported a drop in new listings.

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