Billionaire investor Sam Zell looks at the American housing market, and like a tuna sandwich, it’s not much to get excited about one way or the other.

“You still see tremendous liquidity and consequently transactions are, relatively speaking, very fluid,” Zell said Wednesday on FOX Business Network’s Opening Bell with Maria Bartiromo.

“I’d say the real estate market is benign, meaning there’s no tremendous demand, maybe with the exception of San Francisco and even New York is now started to slow down a little bit, but so far the key is we went into the big recession for the first time since World War II without an oversupply of real estate - commercial real estate, so that’s still very much benefiting the commercial real estate market. We are seeing some signs of new construction, but not very much,” Zell said.

Zell regularly weighs in on real estate and investing on FBN.

On the issue of home prices, he thinks the market is largely hitting a sustainable level of growth.

Asked if home prices are getting away from people, he said he didn’t think so.

“I think there has been an overemphasis on these $100 million apartments in New York, of which there are three, and then there’s another two at $70 and they get more ink then all the rest of the apartments in the country, so I don’t really think that is indicative of anything,” Zell told Bartiromo. “I think the real estate market is okay. I don’t think it’s heated up at all, but also I think the issue is demand and a lot of traditional users in real estate are changing their footprints.”

Watch the full clip here.