Housing is a "great story" but would be even greater if the inventory was there for buyers, Budge Huskey, CEO of Coldwell Banker Real Estate, said Friday.
Sales of existing U.S. homes rose more than expected in April, increasing 1.7 percent to an annual rate of 5.45 million units, according to the National Association of Realtors.
However, there is still a housing shortage.
While homeowners know it's a great time to sell, many are questioning where they are going to move to next, Huskey said in an interview with CNBC's "Power Lunch."
"We haven't see the level of new construction activity. It's starting to come back, finally shifting from the rental market to single family, but we've got a long way to go to reach the levels that were historically seen in terms of new construction," he said.
The good news is that there has been an increased number of new listings that have come on the market, he said.
"The challenge is that demand is so strong, total inventory levels are actually declining in many cases."