Every Saturday in The Arizona Republic’s economy section, the paper includes a list of the five-highest priced Valley homes that were sold in the past week. Except in rare cases, the homes cost at least $2 million, and often the new owners paid cash. What, if anything, does that indicate about the broader real estate market?

Mike Orr, director of the Center For Real Estate Theory and Practice at Arizona State University's W.P. Carey School of Business explained.

So what is different about selling luxury homes in the Valley? Robert Joffe is the head of the Phoenix-based Joffe Group with Prudential Fine Properties. Joffe specializes in luxury sales.