Stuart Miller, executive chairman of Lennar, stopped by to talk with CNBC's Diana Olick Thursday to talk about the current state of the housing market:
Rising prices and accelerating interest rates are a "one-two punch" to homebuyers, Lennar Executive Chairman Stuart Miller told CNBC on Thursday.
"The combination of both higher prices ... together with the acceleration and adjustment of interest rates — that is a one-two punch to what our buyers purchase, which is basically [a] monthly payment," Miller told CNBC's Diana Olick during a "Power Lunch"interview.
"Higher prices mean higher down payment and higher monthly payment. And higher interest rates, of course, accelerate that monthly payment as well," he added.
Homebuilder stocks have taken a direct hit from the rising interest rates rattling financial markets this month.