The Housing Market Hotness Index eased to 98.90 for the week ending May 31, 2026, down from 99.45 the previous week, signaling a pause in the modest momentum that had been building throughout the spring. Earlier gains in housing activity were supported by lower mortgage rates and relatively stable home prices, which helped bring some buyers back into the market during March and April. However, that momentum has softened as mortgage rates have moved higher in recent weeks, driven in part by heightened geopolitical tensions and renewed uncertainty surrounding the economic outlook. While buyer demand has shown signs of improvement compared to last year, affordability challenges remain significant, and many households continue to approach major financial decisions cautiously.
At the local level, housing market conditions continue to diverge considerably across regions. San Francisco County, California, along with Jackson County, Missouri; Marion County, Indiana; Cuyahoga County, Ohio; and Oakland County, Michigan, rank among the strongest-performing housing markets in the country, supported by relatively strong demand and constrained inventory. By contrast, housing activity remains more subdued in Broward, Miami-Dade, and Palm Beach Counties in Florida, as well as Bexar County, Texas, where higher inventory levels and softer demand continue to weigh on market performance.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
