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Edmonton housing prices have largest one-month drop in city's history
7 J2 u5 D0 [& @+ T- zEdmonton Journal+ Q: ` b" W% G3 |
Published: 12:09 pm
9 c+ W- ~ p3 F- l; W% zEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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+ {5 o& B& A5 _7 @& u' r+ dThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.' }" ?& |: y7 F0 ]* O( Q) g
* L3 B: }* V: f0 q p$ ZInventory 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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3 \! v9 J7 V/ g$ K/ p- HOne year earlier, inventory was just 2,138 units.
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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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Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.9 {8 W% j" {3 `# L/ Y' N$ y- Z
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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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