The U.S. Housing Market Hotness Index rose to 91.14 for the week ending March 15, 2026, up from 89.84 the prior week, indicating continued warming in housing activity. However, as the market moves into what is typically the peak homebuying season, a growing layer of uncertainty has emerged. The war in Iran has led to a sharp increase in oil prices. This has pushed inflation expectations higher, leading to an uptick in Treasury yields and, in turn, mortgage rates. As a result, the path of interest rates has become less predictable, with uncertainty around whether rates will stabilize or continue to rise in the near term. This added volatility along with a weak labor market could weigh on buyer confidence during a critical period for the housing market.
At the regional level, Santa Clara, San Francisco, and San Mateo Counties in California continue to rank among the strongest housing markets in the nation. They are joined by Monroe County, New York, and Snohomish County, Washington, which are also showing robust activity. In contrast, housing conditions remain more subdued across portions of Florida and Texas, Davidson County, Tennessee, and Honolulu County, Hawaii.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
