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Edmonton housing prices have largest one-month drop in city's history
8 Q8 ]& d6 Q i. f3 lEdmonton Journal
' a( T( x* L1 `2 CPublished: 12:09 pm
" k& l+ N5 b% {- uEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.- A& k* `6 I3 l/ E0 u
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.' M" c" R- p" a/ z; Y3 P
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& r& \/ r2 P* Z" C1 oOne year earlier, inventory was just 2,138 units.
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While sellers have lost the luxury of bidding wars, "buyers have a lot of choice," said Carolyn Pratt, president of the Realtors Association of Edmonton - which released the figures, Wednesday.
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3 ^# Y7 ^8 `$ U* {1 g. p" H8 g9 S0 wAverage prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.$ G3 d: E7 r2 _, l* x/ o$ M
( @9 b+ Q. w7 e7 Q) k% W* }+ WPercentage-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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