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Edmonton housing prices have largest one-month drop in city's history
h' Q5 u" y/ C0 Q* YEdmonton Journal' o" [; }$ Q* i0 _: J3 q X3 E+ L: N
Published: 12:09 pm6 G) F( v1 h' K( m9 i1 B+ E2 x
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.' A& d; o* r7 _+ G& Z9 j
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.
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+ ?( U* q8 d: VOne year earlier, inventory was just 2,138 units.
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9 S! L v. @8 T! m$ ^$ z5 r' yWhile 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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! k" ]1 A7 k% o0 P2 G. `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./ ^# {# \, [, b- Y2 @6 H3 f
! X, `5 K7 E/ E( B7 W8 a; @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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