Nov. 6 (Bloomberg) -- Gafisa SA, Brazil's second-largest real estate developer, said middle-class buyers are holding off purchasing homes.

Sales of Gafisa houses ranging in price from 350,000 reais ($162,830) to 800,000 reais have slowed, Chief Executive Officer Wilson Amaral said in a conference call today discussing third quarter results.

To contact the reporter on this story: Telma Marotto in Sao Paulo at Tmarotto1@bloomberg.net.

Last Updated: November 6, 2008 09:18 EST