Are buyers maxed out? | Phoenix Real Estate Market Update

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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