The density profile of a hot nuclear system produced in intermediate energy heavy ion collisions is studied in a microcanonical formulation with a momentum and density dependent finite range interaction. The caloric curve and the density evolution with excitation are calculated for a number of systems for the equilibrium mononuclear configuration; they compare favorably with the recent experimental data. The studied density fluctuations are seen to build up rapidly beyond an excitation energy of 8 MeV/u indicating the instability of the system towards nuclear disassembly. Explicit introduction of deformation in the expansion path of the heated nucleus, however, shows that the system might fragment even earlier. We also explore the effects of the nuclear equation of state and of the mass and isospin asymmetry on the nuclear equilibrium configuration and the relevant experimental observables.