Despite sky-high real estate prices, there is no housing bubble, Redfin's chief economist, Nela Richardson, told CNBC on Monday.
"We just have really high prices and shrinking number of transactions. In fact, I think the market is contracting instead of expanding into a bubble," she said in an interview with "Power Lunch."
According to a new report from Black Knight Financial Services, June marked 50 consecutive months of annual national home price appreciation. The average national home price for the month was $265,000, which is within 1.1 percent of a record high.
Richardson said a bubble is usually marked by speculative building and buying, neither of which is happening right now.
"New construction is short of historical norms. We need more inventory, not less," she said.