Redfin: Feels like a bubble, but it’s not

'Mini bubbles' may be brewing in some markets

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An informal Inman News survey of agents around the country shows many real estate professionals are experiencing market conditions that, at least on a surface level, resemble those of the housing bubble. An analysis released today by Seattle-based brokerage Redfin highlighted key differences between today's market and the last housing bubble, concluding that while "mini bubbles" may be brewing in a few cities, current market dynamics make it unlikely that national home prices are overheating. Rising home prices and high demand are creating an environment that feels "bubbly," Redfin said. "The market today is so hot that many Redfin Agents are concerned that we're entering into bubble territory," Redfin's Tim Ellis said in a writeup of the company's analysis. "At a recent lunch with a half-dozen Redfin Agents, Redfin CEO Glenn Kelman asked whether they felt that the market was getting bubbly. They all nodded vigorously." But in contrast to conditions during the housing boom...