'It's crazy. There is no inventory.' Housing industry veteran marvels at real estate boom

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For wannabe buyers, the shortage of homes on the market, combined with a surge of competition from other purchasers is setting off bidding wars, all-cash offers and no end of sticker shock.

New York Jeffrey Mezger is a 40-year veteran of the real estate industry. He's never seen a stronger housing market than this one.

"It's crazy. There is no inventory," the CEO of KB Home told CNN Business. Homes are selling at record speed as buyers scramble to find propertiesBut this one-two punch of very low supply and roaring demand is suiting homebuilders just fine. "This is the best housing market I've seen in my career," Mezger said."It's a good time to be a homebuilder."Read MoreKB Home's first-quarter profit swelled by 62%.

 

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