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Edmonton housing prices have largest one-month drop in city's history
1 Q' |5 ?# j! `: o1 wEdmonton Journal
- M& y9 `6 n) _" @1 n" ?0 b1 nPublished: 12:09 pm
# D2 L. w; b4 @0 ?+ \Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.9 I: x& o6 V# `3 ]% @8 W
" M: \! Y4 k, c. r8 @+ d+ bThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.# Y& B- K9 _2 R. y/ l5 u
5 Y& G2 ?7 F' m9 f8 H7 kInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.% E; v( {+ z# ~+ p$ b7 Z9 g$ z' F
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One year earlier, inventory was just 2,138 units. L6 x& `: l% _3 M6 _! h
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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.- v+ Z4 u( d" U9 @& t5 K
: A, q6 T+ [! ]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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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 $10,720./ X9 x1 v0 W: n, D- X$ X& `5 I0 J
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; ^, P% _& J$ u P! G, @! ]© Edmonton Journal 2007 |
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