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Edmonton housing prices have largest one-month drop in city's history
5 B1 p" K, t/ I! zEdmonton Journal
& L2 o' }9 n" g2 KPublished: 12:09 pm
+ l" L- Q- v$ J2 K; Q& @' o- d/ _Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.+ W- b: v6 h3 l7 R& r0 i( @
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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# Q; X* B" T8 e) }' [ F" ]Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.
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2 _6 |! u5 V6 \; u, r/ @$ {One year earlier, inventory was just 2,138 units.7 ?1 g5 o- N) b* H# B
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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 $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.0 ^& g* T# N2 t9 w* g% F
% r* o- U1 q( E$ A8 M V& QPercentage-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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