The Housing Market Hotness Index edged higher to 96.61 for the week ending April 19, 2026, up slightly from 96.49 the prior week and above 95.92 at the same time last year. The increase suggests a modest pickup in market activity as the spring season gains momentum. Part of this improvement can be attributed to mortgage rates trending lower over the past three weeks. Rates are now roughly 60 basis points below where they stood a year ago, offering some relief to buyers and helping draw demand back into the market. Seasonal patterns are also playing a role, as the spring typically brings increased buying and selling activity. However, the durability of this momentum remains uncertain. While demand is present, several factors continue to weigh on the market. Many homeowners remain locked into lower mortgage rates, limiting the number of homes available for sale. At the same time, prospective buyers are navigating ongoing labor market uncertainty, making them more cautious about taking on large financial commitments.
Conditions across the housing market remain uneven, with significant variation at the local level. In California, counties such as San Francisco and San Mateo continue to see strong demand and competitive market conditions. Similar resilience is evident in Monroe County, New York; Kent County, Michigan; and the Capitol Planning Region in Connecticut, where demand remains relatively steady. In contrast, other markets are experiencing more subdued activity. Parts of Florida, along with Davidson County, Tennessee, and Honolulu County, Hawaii, are seeing softer conditions.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
