High demand, low supply driving up housing prices

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The current housing market south of Boston is hot, with large numbers of buyers driving up prices as they compete for limited numbers of homes, realtors and others say.

“There’s unbelievable pent-up demand,” said Melvin A. Vieira Jr. of RE/MAX Landmark Realtors in Milton. “There’s not enough inventory.”

“Properties are selling for full price or above,” said Steve Webster, owner of Success Real Estate in Braintree.

The local housing market with its high demand driving up prices for a low supply of properties mirrors the national picture: US home prices went up 12.1 percent in April from a year earlier, the biggest gain since February 2006, according to real estate data provider CoreLogic. In the same period, the number of houses for sale fell 14 percent.

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