"I think we have another bubble in the making," Dani Babb of The Babb Group said. "We're seeing a lot of numbers that are reminiscent of 2005 and 2006, and I'm concerned about the long-term price stability and ability to maintain the price momentum that we've seen over the last year that's largely been driven by very low interest rates."

On CNBC's "Fast Money," Babb noted that there was a significant driver of the real estate market this time, just like the last bubble.

"We had a bubble last time driven by very easy credit," she said. "We have a bubble this time, potentially, driven by very cheap credit over a long period of time."[body goes here]