The U.S. Housing Market Hotness Index slipped again, falling to 89.19 for the week ending November 9, 2025, from 90.57 the week before. The decline underscores a market still stuck in neutral, with mortgage rates hovering around 6.2% and economic unease continuing to weigh on both buyers and sellers.
Activity remains subdued on all fronts. Listings are scarce, and sales are equally limited, a reflection of the affordability squeeze that has defined much of the past year. Worries about job security and broader economic conditions are dragging down consumer confidence, and that caution is spilling directly into the housing market.
Still, a handful of markets are managing to stand out. Monroe and Erie Counties in New York, Hartford County in Connecticut, Santa Clara County in California, and Kent County in Michigan rank among the hottest this week, bolstered by steady buyer interest and quicker-than-average sales. In contrast, parts of Florida and Texas remain the softest, where slower demand has kept the market firmly on the cooler side.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
