The U.S. Housing Market Hotness Index inched up to 91.04 for the week ending November 16, 2025, a modest rise from 89.19 the week before. While the increase may hint at a bit more activity, the overall picture remains largely unchanged: the housing market is still stuck in a holding pattern, with both buyers and sellers showing reluctance to make big moves.
After the pandemic-era frenzy, the market is slowly settling into a more level playing field. Buyers now have more choices than they did a year ago, yet affordability continues to be a major obstacle. Home prices remain elevated, and mortgage rates are still too high for many first-time and move-up buyers. Meanwhile, homeowners sitting on 2–4% mortgage rates are hesitant to give up such favorable financing, limiting new listings.
The national picture, however, masks significant regional differences. Some pockets of the country are still seeing strong demand and relatively quick sales. Counties in the Northeast and Midwest such as Monroe and Erie in New York, Hartford County in Connecticut, and Kent County in Michigan, ranked among the hottest markets of the week, buoyed by steadier local economies and better affordability. In contrast, parts of Florida and Texas remain among the coolest markets. These regions have faced a mix of rising insurance costs, swelling inventory, and softening demand, all of which have slowed sales activity significantly.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
