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Edmonton housing prices have largest one-month drop in city's history; u7 I3 F7 U _: K# u4 e
Edmonton Journal
2 q2 E( h) Q9 M u) n0 P/ r0 jPublished: 12:09 pm4 D. M, R* U" y5 H8 Z" L
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 $344,792, for all forms of housing, was down 2.8 per cent from July.
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.( d' l8 x8 e V( n$ ~7 [1 W4 d
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/ m3 M* N7 d1 n# V- GOne 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.( O/ j" w2 x! D0 d4 `, p/ E
3 E; @: M9 D1 j- S1 NPercentage-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.. y9 z2 s3 ~9 v5 B2 c; r2 A9 j) Z3 q
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© Edmonton Journal 2007 |
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