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Icahn: Market is fully valued, but Apple is a buy

Billionaire investor Carl Icahn said Thursday he thinks the stock market is fully valued but still sees Apple as a buying opportunity.

"I think that right now, the market is giving you a false picture. The market tells you you're doing well, but I don't think a lot of companies are doing that well," Icahn told "Closing Bell," adding that while his firm is up 30 percent year to date, it still has a "huge hedge" on.

Still, Icahn continues to view Apple as "very undervalued" because it has a low multiple and the underlying company has a tremendous amount of cash on hand and remains profitable. Icahn said he continues to buy shares of the tech company.

Elsewhere in the market, Icahn said real estate is "ridiculously overvalued," especially in urban centers.

"It's just absurdity, and I really can't understand it," Icahn said. "I think real estate again is coming to the top of a bubble."

—By CNBC's Drew Sandholm. Follow him on Twitter @DrewSandholm