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Edmonton housing prices have largest one-month drop in city's history
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Published: 12:09 pm
1 }. }, y( A: v* `* LEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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' J( K3 V) J6 B- }* z H# gThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.: S0 q7 |$ ^; u$ f. L4 |6 j" E8 E
* C% e, w: I1 Z) Z+ O+ aInventory 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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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.% ?$ D O" |$ [9 n7 T( I3 O! G) \) x, I6 r
% Y M7 D& m% d) P8 XAverage 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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3 V: M! t# Y4 g2 i o+ ?! ]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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5 S9 g% C! C8 y! a© Edmonton Journal 2007 |
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