This week was very active in Arizona’s Luxury Home Market, with 34 additional homes closing, bringing the total as of June 1st to 339, or nearly 68 homes per month. This rate is much higher than in any previous year. However, activity typically slows during the summer, when temperatures exceed 100 degrees. This week, one more home sold for over $10 million, raising the total to 13, and another home priced over $14 million went under contract. At the beginning of the year, the market for homes over $14 million in Arizona was quite bleak, with a 15-year supply of inventory. Fortunately, the supply has now decreased to less than 9 years, and six more homes in this price range are under contract.