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Edmonton housing prices have largest one-month drop in city's history7 Q' N; S6 e5 |0 s
Edmonton Journal
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* X6 g) C) _, v8 g! \+ `Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.7 _( }% T( |) U' W
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.$ @$ B! I, e! t
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One year earlier, inventory was just 2,138 units.8 ~7 \& @- S8 x8 \+ B7 {
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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.( ?1 x6 q. }. u6 \( U
7 J6 ^/ l$ ]0 s" [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.5 G& y8 i; t4 t5 p; }, ^
9 K* B# V9 Z2 `9 JPercentage-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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