You do need a new water neck ( thermostat housing) for sure. It may have a pinhole leak at high temp and revs. There are 2 sizes used, so you need to get the correct one. Even if this is not the source of the present leak, I can say for sure it will be the source of the next one.
DORMAN 9021012 is 40 mm diameter neck
DORMAN 9021007 is for 35mm diameter neck.
I think 95 up ( 95tm) use the smaller one but I might be wrong. The part number is stamped around the mating surface ring, and will start with either 90 tm or 95 tm from what I recall.
I got the above numbers from the rockauto dot com website, under 1995 ford explorer cooling system thermostat housing.
Also make sure you got the right size hose.
Another thing to check, , the heater hoses could be leaking under pressure. sometimes it helps to have someone rev the engine with a full cooling system. If there is a pinhole leak the engine revs will make it spray out more, which might make it easier to spot.