Arizona tops $1 billion in luxury home sales in 2005

With Scottsdale and Paradise Valley leading the way, Arizona became one of the seven states with over $1 billion in sales of luxury homes during 2005. A study by Coldwell Banker on the nation's hottest luxury home markets ranked Paradise Valley ninth among 75 cities in the United States, with $637 million in luxury home sales. Scottsdale ranked 10th with nearly $594 million in sales.

The two East Valley cities ranked highest in the increase in luxury home sales volume in 2005 compared to the year before. Paradise Valley increased 251 percent and jumped 43 places in the rankings, while Scottsdale increased 205 percent, rising 37 places from the 2004 standings.

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