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New development discounts are at the highest level in years

Developers keep slashing prices amid the glut

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Condo discounts are getting deeper.

As sales have slowed and buyers are shopping around, developers are slashing prices at a rate the market hasn’t seen in years, the Wall Street Journal reported.

The market reset, thanks to an abundance of supply, is driving down prices. At the same time, the number of closed deals has also slid. In the third quarter, new development sales were down more than 30 percent compared with the same quarter in the previous three years, the report said.

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