The U.S. Housing Market Hotness Index slipped to 93.97 for the week ending August 10, 2025, down from 95.02 the prior week. This modest decline reflects a market still caught between record-high inventory and strained affordability. After a muted spring selling season, active listings have climbed to their highest level in five years, yet many prospective buyers remain sidelined. Elevated home prices combined with mortgage rates above 6.5% continue to keep monthly payments out of reach for a broad segment of households.
The result is a market moving at different speeds across regions. In several metros, particularly in Florida, activity has cooled sharply, with rising inventory and longer days on market signaling a correction in progress. Meanwhile, parts of the Northeast remain competitive, where still affordable prices and limited supply are sustaining multiple-offer situations and brisk sales. Other regions are showing signs of becoming more balanced, as higher supply is gradually easing the intense sellers’ advantage that dominated much of the past three years.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
