Million-dollar discounts hit luxury market

By Angela Gonzales | Phoenix Business Journal

Of all the luxury homes priced over $5 million in metro Phoenix, 33.6% have had price cuts so far this year — the largest amount ever in the history in Maricopa County.

These price cuts come at a time when pending luxury listings in metro Phoenix are down 20.8% year-over-year through the end of November, said Frank Aazami, market expert with Private Client Group at New York-based Compass Inc. (NYSE: COMP).

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