The U.S. Housing Market Hotness Index held steady at 92.0 for the week ending October 19, 2025, barely up from 91.94 a week earlier. The flat reading may suggest a market in transition that is stable for now, but with questions swirling about whether this could mark an inflection point.
While mortgage rates have eased to the low-6% range, and the stock market continues to rally, that has not been enough to reignite widespread buyer activity. Home prices remain elevated, and analysts widely agree that, short of a major economic downturn, neither prices nor mortgage rates are likely to return to the ultra-low levels of the 2020–2021 boom. For some buyers at the margins, the combination of slightly lower borrowing costs and stronger investment portfolios could present an opportunity to re-enter the market. Yet economic uncertainty and a softening labor market continue to weigh heavily on confidence, keeping many would-be buyers on hold.
Regionally, housing activity varied sharply. The strongest markets of the week included Monroe County and Erie County in New York, Hartford County, Connecticut, San Francisco County, California, and Norfolk County, Massachusetts, all showing solid buyer demand and quicker sales. In contrast, Travis, Bexar, and Collin Counties in Texas, along with Broward and Miami-Dade Counties in Florida, ranked among the coolest markets, reflecting slower transaction volumes and softer buyer interest.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
