Market for Phoenix-area luxury homes down 34 percent

Chandler home
Chandler home

By Mike Sackley | KTAR

The market for luxury homes in the Phoenix area is struggling: Sales of homes valued at $1.5 million or more were down 34 percent in September compared to one year ago.

Walt Danley, president of Walt Danley Realty, said the third quarter of the year is usually slow for luxury home sales, but the past three months were slower than anticipated. He said the lackluster performance of the global financial markets kept buyers away from the luxury home market.

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