Sales of new condos in the Washington region plummeted to a new low during the past 12 months as development slowed and new units began competing with cheaper resales, a new report says.
But experts say a new wave of developments already in the offing will kick-start the market, according to the Delta Associates Mid-Year Washington/Baltimore Condominium Market Report.
During the 12-month period ending in June, new-condo sales in the region fell by 43 percent to 1,487 total, according to the report. The pace was slower than any corresponding period during the recession.
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