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Edmonton housing prices have largest one-month drop in city's history
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* |6 w7 c& v3 b! x8 RPublished: 12:09 pm
! T* h; s8 x, l% E0 W& P. k. OEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.2 [, h4 e" }8 `# X
) T- g+ ^4 c2 }' X; ^+ p# B: Q( C" ~1 S3 sThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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. W' P' m6 g4 [/ D2 C$ ?: D9 NInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold./ P' o" f7 K$ J" N. Z
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* P" q6 j( U0 y6 G% g5 E& K8 gOne year earlier, inventory was just 2,138 units.0 o# U0 [- x6 e+ _1 S+ d% x9 r
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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 `& b9 M7 u; U2 b4 N; B
1 b5 W9 f: z N; U' ?; y' NAverage prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.9 d% J9 {6 p( _. [; M8 V& {8 o
" B0 x3 {3 o$ e; t: d* D8 \5 PPercentage-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 $10,720./ X' L" J7 @; f( ?$ q) C* C
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© Edmonton Journal 2007 |
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