The best titles capture the emotion and heart of the story. Maya Kaathryn Bohnhoff (author of The Crystal Rose) says that “titles can determine whether a story is read, in what spirit it’s read, and whether it’s remembered by name or forgotten” in her article, “Taming the Fictional Wilds”.
Titles should not be dull:
When you browse a shelf full of novels, or a collection of short stories, aren't you drawn first to the more unusual titles? So are editors, when they look over a stack of submissions. Not that "The House" or "The Tree" won't be a good story; but titles with a bit more originality stand a better chance. Examples: Gone with the Wind, The High and the Mighty, The Silence of the Lambs, "The Snows of Kilimanjaro,".
Titles should be easy to remember:
It's hard to tell a neighbor or a colleague about a story if the title's too long and complicated, or hard to pronounce. It's a good idea to keep things clear and simple. You might consider Murder on the Wzcyiubjekistan Express the best writing you've ever done, or The Tallahatchie Backroad Honky-Tonk Boogie your literary masterpiece, but I doubt either of them would sell. They probably wouldn't ever make it out of the editor's slush pile.
Titles should be appropriate:
Don't name your science fiction story "Trouble at Dodge City" just because that's what the star fleet crew calls your space station. Editors will think you've written a Western. Similarly, Lawrence Block mentions, in one of his books on writing, a Charles McGarry espionage novel called The Secret Lovers. Block says its title (which refers to spies, who love secrets) led some readers to believe it would be a romance instead. Examples of titles that fit their subjects: Raise the Titanic, The Firm, "A Rose for Emily," The Caine Mutiny, Presumed Innocent, Love Story, In Cold Blood, Riders of the Purple Sage, The Amity ville Horror.
Originality of Title:
Titles are not copyrightable. If your title is fairly common, and doesn't deal with the same subject matter as another story with the same name, you shouldn't run into any legal problems. Whatever the source for your inspiration and whatever title you choose, remember that it needs to be a perfect fit for your story. If not, it can get changed.