Housing is a "good investment" even though prices aren't rising as much as after the financial crisis, Blackstone chief Steve Schwarzman said Monday.
"It's been coming back for quite some time," Schwarzman told CNBC from the Milken Institute conference in Los Angeles.
Blackstone owns about 47,000 homes in the United States, making it the biggest single private owner. It has about $90 billion in real estate assets under management globally.
"The market continues to go up for the value of houses," Schwarzman said.
For instance, the median price of single-family homes sold in March jumped 8.7 percent. While the gains do not reach those seen at the bottom of the market, they are "good enough" for Blackstone's business, he said.
Read MoreCost of housing soars: How high can it go?
Still, a lack of inventory has raised concerns that some potential homeowners will be locked out even as the cost of renting rises. Only 2 million existing homes were for sale at the end of March.
Schwarzman noted that Blackstone is putting money into the housing market, though not as much as when it hit a bottom.