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Edmonton housing prices have largest one-month drop in city's history
. @5 s8 b1 z9 t# FEdmonton Journal
9 V: B# v; h" |Published: 12:09 pm
; |2 c6 }! Y& u0 U/ p {' N* ]# aEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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\, U' C9 y8 wThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.* K" S; s: z, K0 E
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.
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$ P- l. X; H- u$ C' T- U' lOne year earlier, inventory was just 2,138 units.# @ X& F, W4 x+ x' X
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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.4 Q5 c7 T) R0 W2 A" N ~5 d
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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.2 x G' q; M5 u* I
& J Y& n4 r. t/ C5 DPercentage-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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