New home sales surged in April, pending sales of existing properties are up, and so are home prices. In other words, the real estate market is “really hot” right now, according to the CEO of online real estate search and brokerage firm Redfin.
“It’s a very strong seller’s market. We’ve got homes selling in 45 minutes in places like Omaha and Atlanta,” Glenn Kelman said in an interview with “Power Lunch” earlier this week.
The whole country “has been on fire in the past few months. It’s just a really hot market, probably unsustainably hot.” A slew of positive economic data was released this week, suggesting the housing market recovery was gaining traction.