Share this article!

While the housing market continues to get battered by rising interest rates and sky-high prices, Redfin’s CEO warned that homebuyers are feeling the inflation squeeze as the U.S. is “headed for recession.”

“People who are looking to buy homes right now are still driven by the same factors,” Redfin CEO Glenn Kelman told “Cavuto: Coast to Coast,” Friday.

“Rents are up 15% year-on-year. They’re really feeling the squeeze…I just think we’re headed for a recession.”

Kelman’s comments come on the heels of his real estate company laying off 8% of its employees due to home demands falling nearly 20% short of expectations in May. The CEO announced the firings in a public post on the company’s website, Tuesday.