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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.
Read MoreHot housing? Still a great time to buy: Home Builders Assoc.
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. Sizzling market 'crazier' than 2007?
David Paul Morris | Bloomberg | Getty Images
Glenn Kelman, CEO of Redfin Pending sales of existing homes for April rose 3.4 percent from March, to the highest level in nine years, according to figures released Thursday by the National Association of Realtors. Pending sales are now up 14 percent from a year ago.
Read MoreHouse flipping: Tips for big returns New home sales are also on the rise, jumping 6.8 percent in April to a seasonally adjusted annual rate of 517,000 units, the Commerce Department said Tuesday. That spike was higher than analysts had expected.
Meanwhile, the closely-watched S&P/Case-Shiller Index showed housing prices in 20 cities climbed 5 percent year-over-year in March.
Supply is still tight, and buyers are flooding into the market trying to beat mortgage rate increases, Kelman noted. Many market watchers expect the Federal Reserve to begin raising interest rates in September, which will push up mortgage rates.
URF Price at posting:
$2.19 Sentiment: Hold Disclosure: Held
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