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Edmonton housing prices have largest one-month drop in city's history; }0 ?3 M& w% {6 S1 t
Edmonton Journal6 }5 o( g' z( u" F
Published: 12:09 pm
- S$ {5 r+ c) @+ T6 k% N1 lEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.* K8 m4 Y/ Z+ @; d0 z1 U
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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.& J/ t a& R/ z# e b9 C
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One 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.: P) q7 u2 d! W% y
' Q) W, k/ V7 |* o: Y3 `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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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 $10,720.. }4 E# q& Z$ h4 z2 i# i
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