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Edmonton housing prices have largest one-month drop in city's history
/ T. w. H# t5 ]/ DEdmonton Journal( D0 D! n8 f4 s1 b
Published: 12:09 pm4 K% W# y/ |) U. M. k8 U
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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4 `" v3 @5 A3 n! gThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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- t2 N, a! z" ~1 u! n- eInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold. S2 B' R/ q2 ~+ a' D* ], A
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$ Z9 K b8 r c3 VOne year earlier, inventory was just 2,138 units.9 v/ b/ W3 U4 X2 v: M
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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.( A2 t1 D/ D! j+ J: l
p$ Q6 F8 p9 l3 |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.7 \* E" v0 f( @6 v# G
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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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