Interest rates have room to rise before they impact housing, Ivy Zelman of Zelman & Associates said Thursday.
"We have a lot of ceiling before we would even get to a normal level of affordability," she said, adding that it was time to recognize there was "a new playbook that you need to put in action."
On CNBC's "Fast Money," Zelman reiterated that she was still the most bullish she has been in 22 years, pointing to employment growth, an improving economy, household growth and "a shortage of shelter."
"The fundamentals are rock-solid," she added.
In a March interview, Zelman called the market a "Nirvana for housing."
(Read More: 'We're in Nirvana for Housing': Zelman)