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Edmonton housing prices have largest one-month drop in city's history
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Published: 12:09 pm
- X# X: S8 j0 [, tEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.7 z! N; x5 \7 ?
* n" M/ T9 i# y2 F- N8 q& _" qThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.# f9 N9 H6 F w$ a& [2 Z8 U* d
! \: [# k% _- H5 @Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.3 z/ S3 T0 q" ~- j5 `$ v
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0 p/ D+ f B! V, }One year earlier, inventory was just 2,138 units.# \# ]5 C7 c: a4 u; G$ \* z# R, T
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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.$ n+ g: a7 i# z0 S5 ]9 S9 S# u2 W
0 Y/ i- b4 @7 p# S$ L* vAverage 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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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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