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Edmonton housing prices have largest one-month drop in city's history1 x2 Z/ n# \* J5 K; ? r" A# I
Edmonton Journal
+ j2 |2 e0 o9 w" \& d( OPublished: 12:09 pm
q, i5 s( w- t% a ]Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.$ Q+ I, ~) S' a6 V: a: m" O# e5 v% L5 |# n
* M) x" P+ W, i0 hInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.& b6 h& q" N( y( [/ S2 }
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2 U2 F/ R6 d. kOne year earlier, inventory was just 2,138 units.8 ]' B% B8 A/ u& q' e5 ~5 p& {' B$ [
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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.
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; Y: J) U" v4 w% t8 }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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/ X, p w8 @" 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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