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Edmonton housing prices have largest one-month drop in city's history% L' J; B# M- p/ N
Edmonton Journal
$ B) J4 e7 F2 c; U7 mPublished: 12:09 pm
! h6 v) ?5 ]4 C; [ S1 IEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.0 b' h( `. z" _, U: o r9 ~
! r) ]) K" B, @The August average of $344,792, for all forms of housing, was down 2.8 per cent from July." j( d% G9 t0 y& }1 Z7 a* S. n( Y
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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.0 E/ w( k4 i& R; v& c- i% K
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& s' Z( X- m7 SOne year earlier, inventory was just 2,138 units.
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9 r* L0 ^ |0 q+ q& F" ^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.
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: w* Z; ^6 R3 Q! [, @1 [Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.3 ^4 N( J; @% l: t# h$ W
1 N. Y+ [; W) U) v& F! }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.. X8 k4 B/ J7 o+ p) p6 D% y
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© Edmonton Journal 2007 |
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