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Edmonton housing prices have largest one-month drop in city's history
% }( N0 b9 E% y" a. X) A3 NEdmonton Journal" |% D( E3 R$ w1 ?# v* ~2 f
Published: 12:09 pm0 b7 e& l U5 I: e8 c
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.* @( X9 {( ?# [" S
. i$ H! A8 L3 I; VThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.! T: z& b4 M/ i7 {# ?7 O' @
2 ?9 J1 s. ~ G( nInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.- [: t) @. Q0 N8 ~& T4 Y; \
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# Q" f* m+ K- L j+ ]One year earlier, inventory was just 2,138 units.
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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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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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