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Edmonton housing prices have largest one-month drop in city's history
' Q5 h. O9 r9 f1 bEdmonton Journal, D" ? ]# q; _; F4 @; y* W
Published: 12:09 pm) A/ ~9 y) ~# Z! }! i& l" i1 \
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.+ r' ]2 C! E/ b2 ^; \; [
6 s4 K8 p8 R' M" i; P5 S; _& L jThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.# T$ j: {* r4 C E) K
# C2 \& Q: p3 o w4 j. tInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.' `. o+ j" Q+ \8 w3 p( L
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, ]' y. k- }& @5 U- e& HOne year earlier, inventory was just 2,138 units.1 S( d1 w( ~6 @7 q4 s% J" Z, \& I. |( Y
3 o4 j. e! N. X9 n/ C9 ?0 R$ |5 ~While sellers have lost the luxury of bidding wars, "buyers have a lot of choice," said Carolyn Pratt, president of the Realtors Association of Edmonton - which released the figures, Wednesday.% e L) K5 Z h6 @ X/ ~
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Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.
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0 U; v0 Q9 S/ W, k3 SPercentage-wise, home prices have fallen more steeply in earlier years. From December, 1994 to January, 1995, average prices fell 6.5 per cent to $106,645. From June to July, 1984, they fell 7.9 per cent to $75,800. From February to March, 1964, they fell 23.1 per cent to $10,720.& s3 i- h$ m9 W3 V r
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, V2 J, P3 E* B8 u) q( u) J9 G9 |© Edmonton Journal 2007 |
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