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Edmonton housing prices have largest one-month drop in city's history
% M |0 o/ F) {8 S8 YEdmonton Journal
! S7 i3 B. n& H/ J0 X7 X' d' qPublished: 12:09 pm
* k1 l3 Q7 \( `6 s% T9 ^Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.7 s2 R8 v2 E( G5 h: x7 B
' g- u- N( S1 ^8 `2 dThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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& k' t3 X" R' _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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One year earlier, inventory was just 2,138 units.; |* X; [ U. |% Q8 ~9 j* ^2 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.. ?& s; Q! v: ^: _* H
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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.
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0 O* E( P" ~* {; WPercentage-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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1 l1 c; n% N# P© Edmonton Journal 2007 |
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