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Edmonton housing prices have largest one-month drop in city's history
& Q6 m* ~4 e. q. PEdmonton Journal
`- N/ v6 M+ x9 n% RPublished: 12:09 pm
6 @: e3 f7 J% w' K+ uEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.- r9 a. b1 M0 H; h+ a
4 L @5 v+ H' @% LThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.. u% ? s# T: S# F
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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 K A; J( }& e: _# y
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, n! Q5 @) Y5 x- e) a) M( M8 [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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! o' P' t7 K9 i% h4 Z+ iAverage 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.( t- W1 s+ M8 U/ a7 l
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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 $10,720.+ A# F2 L# f1 N h9 i0 A
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8 q5 b9 V7 |5 A l! p, r$ W- q© Edmonton Journal 2007 |
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