Housing prices in Florida, Texas will become 'more affordable': Redfin CEO

The Federal Reserve’s handling of rate cuts will play a vital role in the housing market’s affordability this year, but one expert says certain states are seeing "good" signs.

During an appearance on "Cavuto: Coast to Coast," Monday, Redfin CEO Glenn Kelman discussed the state of the housing market and what the potentially "sticky" inflation data could mean for buyers and sellers.

"So, we saw the same phenomenon where rates started low in the first part of 2023, ticked up in the spring and then went higher in the summer," he said.

Economists predict that mortgage rates will remain elevated in 2024 and will only begin to fall once the Fed starts cutting rates. Even then, rates are unlikely to return to the lows seen during the pandemic.