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Edmonton housing prices have largest one-month drop in city's history
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Published: 12:09 pm
) u' f/ c o" c( q( I4 m7 WEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.9 q- D4 e0 t" ?$ m* O% z
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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" c. `1 T T1 B+ B5 w4 nInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.5 t7 e2 C5 p4 m9 o1 f# x" n
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One year earlier, inventory was just 2,138 units.) L- f7 }/ z: A7 y. R6 m8 o
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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.
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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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5 C% R8 b/ r- \! J) x2 G0 `Percentage-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.
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© Edmonton Journal 2007 |
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