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Market for Phoenix-area luxury homes down 34 percent

PHOENIX — 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.

“[Buyers] are worried about our financial markets right now, and they’re just hesitant to buy,” he said.

Despite the dip, Danley said he expects luxury home sales to pick up through the end of the year.

“We’re getting a lot of calls for people that are going to be coming in the last quarter of this year and the first quarter of next year that are going to be buying,” he said.

Danley added that the real estate market could continue to face challenges in the short term.

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