By Catherine Reagor | The Arizona Republic
The stock market plunges in August buffeted metro Phoenix’s housing market as wealthy buyers who took hits on their investments opted not to purchase high-end houses.
After a six-month streak of rising sales, the number of Valley houses sold in August dropped 10 percent from July’s pace, according to a report from Arizona State University released Wednesday.
Comments by Jim Belfiore, real estate consultant:
“Home sales have fallen off since mid-August, although I’m not sure how this so immediately could be attributed to the stock market. Sales typically do fall in August.”
