The U.S. Housing Market Hotness Index slipped to 95.61 for the week ending August 9, 2026, down from 95.94 the previous week, pointing to another modest pullback in housing demand. Mortgage rates near 6.6% continue to strain home affordability, keeping monthly payments elevated and limiting purchasing power. The economic backdrop is adding another hurdle: inflation-adjusted wages declined in July as earnings growth failed to keep pace with inflation, while signs of a softer labor market are making some prospective homebuyers more cautious about entering the market.
The national slowdown, however, masks substantial differences across local housing markets. San Francisco County, California; Jefferson County, Missouri; Montgomery County, Pennsylvania; Cuyahoga County, Ohio; and Norfolk County, Massachusetts are showing comparatively stronger housing demand. At the other end of the spectrum, Miami-Dade and Palm Beach Counties, Florida; Bexar and Travis Counties, Texas; and Davidson County, Tennessee remain among the weaker markets. These regional gaps are becoming increasingly important: housing inventory, affordability, employment conditions and buyer demand are shaping home sales and price trends differently from one market to another, making the national headline only part of the 2026 housing story.
*Index values are subject to revision as deemed necessary, contingent upon the receipt of new or updated data.
