The U.S. Housing Market Hotness Index edged up slightly to 84.61 for the week ending February 15, 2026, from 84.18 the prior week. The index has remained stuck in a narrow range of 84-85 for five weeks. The 30-year fixed rate mortgage is at 6.01, the lowest since September 2022, yet many prospective homeowners appear to be waiting for rates to decline further before making a commitment, hoping for a more meaningful improvement in affordability. Sellers are exhibiting similar hesitation. A large share of homeowners would need to sell their current property in order to purchase another. But with many locked into mortgage rates well below current levels, listing a home means giving up a historically low rate. That reluctance to sell constrains inventory, and because fewer homes are listed, fewer transactions occur.
However, some markets are still seeing brisk activity. Santa Clara, San Francisco, and San Mateo Counties in California, and Monroe County in New York, and Kent County in Michigan are among the hotter areas in the country. In contrast, parts of Florida and Texas remain on the cooler end of the spectrum, joined by the District of Columbia and Honolulu County in Hawaii, where activity has been more subdued.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
