The NAEA says the volume of stock on sale is nearing its lowest level for a decade, although the proportion being purchased is rising as the market hots up.
Association members had an average of 45 homes to sell in January but only 43 in February - the fifth successive monthly fall and approaching the 2004 low' of just 40.
Buyers aged 31 to 40 remained the backbone of transactions, making up half of the buyers seen in February according to the latest NAEA survey. The average length of time it takes to buy a property, from sale to completion, is 11 weeks.
The number of first time buyers entering the market has continued to improve with nearly a third of homes sold last month going to FTBs.
But the average number of new buyers registering with agents dropped 6.2 per cent last month compared with January - against the normal trend and possibly because of the poor weather in early February in much of England.
NAEA agents also reported that the percentage of properties sold to people purchasing a house using the Help To Buy equity loan scheme - recently extended until 2020 - remained the same month-on-month at an average four per cent.