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Edmonton housing prices have largest one-month drop in city's history$ [- L. J6 u. v O5 @
Edmonton Journal6 C' u' P0 F6 K
Published: 12:09 pm4 e* m- \4 v* X0 h* j
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 $344,792, for all forms of housing, was down 2.8 per cent from July.+ z$ L* b/ H; H0 x; M) R
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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.1 W- f4 ~# l8 n& a: Q* N( D0 W9 A0 C
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One year earlier, inventory was just 2,138 units.
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; |4 D& E% r {6 B: J9 K- YWhile 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.# z3 p& X3 F. A/ m7 a# \
1 T! W# C+ p4 V. j% _6 A) Q2 g, wAverage prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.
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$ n. q# T, o/ p, tPercentage-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 $10,720.7 G$ y8 E1 H' Y' u: W
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© Edmonton Journal 2007 |
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