Paradise Valley saw a steep drop in housing inventory last month, but experts say the luxury market is still strong, especially when you look at where it was last year.

The inventory of homes for sale in town dropped nearly 18% to 157 compared with this time last year, according to Multiple Listings Service.

The Cromford Report, which provides daily market insight into the Phoenix area residential real estate market, in a recent report stated while all price ranges are seeing impact, the largest percentage inventory drop was recorded over the $800,000 price point with a 14% decline compared with under $800,000 at just a 5% drop.

The increase in high-end canceled and expired listings is expected seasonally, as June is typically the peak month for luxury sellers to pull out, but not to th

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