The U.S. Housing Market Hotness Index held steady at 92.51 for the week ending September 28, 2025, signaling continued stagnation in market activity. The housing market is unable to snap out of the deep freeze it finds itself in due to a combination of the rate lock-in effect, currently elevated mortgage rates, record high home prices, a weakening labor market, and baby boomers choosing to age in place. While many younger households are postponing home purchases amid affordability pressures and economic uncertainty, older homeowners are staying put, further constraining available inventory.
Regionally, some metros in the northeast and Midwest continue to be top performers such as Monroe and Erie Counties in New York, and Kent County in Michigan, driven by relative affordability and limited supply. Metros in Florida and Texas which were once some of the hottest pandemic markets, now find themselves at the bottom of the pile (Travis and Bexar Counties in TX; and Broward, Palm Beach, and Lee Counties in FL).
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
