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Edmonton housing prices have largest one-month drop in city's history
; N: w0 h0 w2 EEdmonton Journal
2 O; q/ @' G# M/ V6 bPublished: 12:09 pm
7 t% z' w9 s1 ^. [* qEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.; G/ B6 {- a3 o9 P+ L
" D0 ^. E) `/ VThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.# Q& M' z' B* T3 W( a0 l
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.$ X* V6 G& q" y+ W
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One year earlier, inventory was just 2,138 units.4 E2 c4 I( {7 S
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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., U) A- h5 o j1 _; h8 [8 O1 h
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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.
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. @/ Y6 W* O s6 T4 ]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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