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Edmonton housing prices have largest one-month drop in city's history
; @) ?8 h5 r1 H6 ^Edmonton Journal
1 i! ~- }2 }# N' p) z& h6 ^Published: 12:09 pm, k& Y7 Q: z2 v" F' x
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 $344,792, for all forms of housing, was down 2.8 per cent from July.
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.2 ] Y2 e/ _# B1 v4 J& r
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2 t$ T3 Z0 V7 }/ [( XOne year earlier, inventory was just 2,138 units.
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0 c/ D% l7 z! {( {' K; ^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.' n# z% |8 U9 r& g* f# T, @6 X9 V& G
8 s. |, d( s3 w- ~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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