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Edmonton housing prices have largest one-month drop in city's history
8 V+ R. z' `( o& |* N2 n) g- a; aEdmonton Journal
" B: I. F3 @! _; }+ fPublished: 12:09 pm
) K, Y) \. g0 ]' H+ | vEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.1 j- T! f% C. K0 s/ Z: c) F4 U* Q; h
1 [6 @6 j" u: ]8 M( UThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.1 f1 b" H4 J1 c7 L4 }6 ^' D1 ]
% [5 S- J5 E% EInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.5 g1 `& N7 o7 q3 F& W% T. J0 c
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One year earlier, inventory was just 2,138 units.1 U; Z* D; V& K9 M; u
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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.% ~2 Z" V1 S' A+ j1 q
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Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.
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. t7 Z( q5 ^# E* x/ |0 ]$ ~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 $10,720.4 H8 q5 a# |" z2 k& Z0 o) ?# Z
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© Edmonton Journal 2007 |
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