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Edmonton housing prices have largest one-month drop in city's history
% o' d; e& S& I! \( v- k2 XEdmonton Journal
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6 C" Y+ w+ N( q$ H t8 [9 aEdmonton-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 $344,792, for all forms of housing, was down 2.8 per cent from July.4 t6 t# X# L# Q( y8 {' [- z
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.$ Q( l1 {8 L- P9 }& d& h6 j
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9 T/ q* F6 W% b7 u% LOne year earlier, inventory was just 2,138 units.
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) z: }! W; @1 g2 [( D8 N QWhile 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" v4 ?8 ?5 c
% a% f) X H; N3 RAverage 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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0 L1 c% U9 b9 K9 B0 @# D© Edmonton Journal 2007 |
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