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Edmonton housing prices have largest one-month drop in city's history
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Published: 12:09 pm
9 k+ ?- r4 h d2 \/ j$ ]- LEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.8 X! R# H# ]# X& o6 E% i* C! l+ s
: O; [! t( r% L4 u9 f; F' [The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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9 {8 ]6 B$ [# e7 m+ z! y+ [ W- e- GInventory 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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- K; P8 O( i0 l) g0 J' IOne year earlier, inventory was just 2,138 units.) u% G/ J( p' _ e/ n, I
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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.5 c: M# |1 f% v A, @# l3 T f
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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.4 ?, E v0 Y5 {4 E& R0 B
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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.
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© Edmonton Journal 2007 |
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