The U.S. Housing Market Hotness Index declined to 96.37 for the week ending July 26, 2026, down from 97.40 the previous week, as elevated mortgage rates and persistent affordability challenges continued to suppress buyer demand. According to the National Association of REALTORS®, pending home sales fell 5.4% in June from May, reflecting a market where fewer buyers are signing contracts despite a modest increase in inventory.
While the national housing market remains soft, local housing markets continue to tell very different stories. Counties demonstrating stronger buyer demand and greater resilience include San Francisco County, California; Jackson County and Jefferson County, Missouri; Montgomery County, Pennsylvania; and Cuyahoga County, Ohio. In contrast, Miami-Dade and Palm Beach Counties, Florida; Bexar and Travis Counties, Texas; and Davidson County, Tennessee continue to experience weaker buyer activity, illustrating the growing divide between local housing markets across the country.
