Are buyers maxed out? | Phoenix Real Estate Market Update

by Caitlin McKeague

The Phoenix housing market is still moving — but cracks are forming. In this week's update, we break down rising mortgage delinquencies, record-low affordability, stale inventory, and what's really happening with buyer demand here in the Valley.

We also dig into migration data to answer the big question everyone keeps asking: are people actually still moving to Phoenix? The numbers might surprise you. Here's what we cover:

Mortgage delinquencies hit highest level since 2022

Maricopa County affordability: 36.6% of wages going to housing costs

Mortgage rates drop back below 6.5% — what that means for buyers

Over half of national listings sitting 60+ days on market

Phoenix inventory & listings under contract — local data breakdown

Net migration trends: Phoenix still in the dark green