What bubble? Nela Richardson, chief economist for Redfin, tamps down talk of an overheated housing market in this segment on CNBC's Power Lunch on Monday:

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." ...

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.

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