The U.S. housing market continues to struggle for momentum as the spring homebuying season comes to a close. The Housing Market Hotness Index slipped slightly to 98.72 for the week ending June 14, 2026, down from 98.81 the previous week. The decline reflects a housing market that remains constrained by affordability challenges, elevated mortgage rates, economic uncertainty, and a growing disconnect between buyers and sellers. For prospective homebuyers, conditions remain difficult. Although inventory levels have improved and buyers now have more homes to choose from than they did during the pandemic-era housing boom, affordability remains a significant obstacle. Sellers are facing their own set of challenges. Many homeowners remain reluctant to list their properties because they are locked into mortgage rates obtained during the low-rate environment of 2020 and 2021. At the same time, some sellers are unwilling to adjust their price expectations to align with today’s slower market conditions. Rather than accepting lower offers, many are choosing to remove their homes from the market altogether, further limiting transaction activity. Further, concerns surrounding inflation, interest rates, labor market conditions, and geopolitical developments continue to weigh on consumer confidence.
While national housing activity remains subdued, local market conditions continue to diverge significantly. Among the strongest-performing housing markets in the country are San Francisco County, California; Jackson and St. Louis Counties in Missouri; Marion County, Indiana; and Cuyahoga County, Ohio. In contrast, several Sun Belt markets that experienced explosive growth during the pandemic housing boom are continuing to cool. Miami-Dade and Palm Beach Counties in Florida, along with Bexar and Travis Counties in Texas and Davidson County, Tennessee, are facing weaker demand and higher levels of inventory.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
