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Edmonton housing prices have largest one-month drop in city's history
+ k( [/ B9 q" c' W% M0 Z3 QEdmonton Journal
0 P( x' }* p# c2 c8 g& |5 F c5 KPublished: 12:09 pm+ {; H9 V$ e' N' s7 \
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.4 @3 `; j0 c! _3 |& G& l( i9 Q
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.1 c/ u8 y* @# X+ ?
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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! z% k, @( `9 d- D6 f& f5 B' s2 V9 v
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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.7 G8 F t( T7 h: Z7 `9 ~, c
% ^6 c) r- t8 ^- Q+ s: KAverage 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.4 ]. `' m; d7 \5 }
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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 $10,720.5 O1 Y) F7 H! B& w' L1 A
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© Edmonton Journal 2007 |
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