Warren Buffett's latest move sends ominous warning about state of housing market

Warren Buffett is likely selling his real estate empire to the biggest brokerage in the U.S. 

Compass, the largest real estate brokerage in the country, is in advanced talks to acquire Berkshire Hathaway’s HomeServices of America, the fourth-biggest player in the industry, according to The Wall Street Journal. 

Buffett, the 94-year-old investment icon known as the ‘Oracle of Omaha,’ appears to be stepping back from the real estate game. 

The financial details of the potential acquisition haven’t been disclosed, but sources say an agreement is close, barring any last-minute snags. 

If the deal goes through, it would mark another major consolidation in a housing market already struggling with sluggish sales. 

Would-be homebuyers have been sidelined for years due to sky-high mortgage rates, tight housing inventory, and record-breaking home prices.

Compass has been on a tear, scooping up smaller brokerage firms throughout the U.S. 

In December, the company announced it was bringing Christie's International Real Estate and @properties under its wings. 

It also added Washington Fine Properties, a boutique luxury brokerage in the nation's capital in February.  

A shrinking pool of brokerages could further limit consumer choice in an industry already stacked against the average buyer.