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Edmonton housing prices have largest one-month drop in city's history
& q3 |. @" J8 B- b) c! |Edmonton Journal
' F: Q% g- E7 M- MPublished: 12:09 pm
+ ?. ]$ x4 e% l( c, IEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.5 M, U: y! R% j2 [; J
0 N8 a9 q+ _: s* D3 ~3 b, dThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.5 A6 ^2 d" g6 u. O; o3 l( v
2 ~5 b, ^% S3 R+ w4 B6 B# XInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.5 p( I F2 l; m& t
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. e9 {' H7 J) |( v. F+ ^One year earlier, inventory was just 2,138 units.
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3 \0 D' q& V8 DWhile 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.3 V4 H9 O' Q3 _. k9 ]/ }3 f: J
' j F- ]7 Q3 z4 _* T" ]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.* ~4 q- M4 Z; g" r
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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. w1 W; r+ x8 F6 R0 T; m4 Z
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© Edmonton Journal 2007 |
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