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Edmonton housing prices have largest one-month drop in city's history
& N4 f' ?0 Y' n; V) Q8 o$ nEdmonton Journal
& M: i. g9 v! u+ GPublished: 12:09 pm9 N- ~7 B) T$ v
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.5 f. C3 V6 _2 p3 p7 d
1 O' N$ ]4 W% @* y0 `8 HThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.- W* a7 ]& }6 m9 t6 S
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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.9 C' A: @7 F) Q6 i }1 F) K
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One year earlier, inventory was just 2,138 units.0 F1 Y; l5 C- y6 j2 g+ D- Z4 q: D0 D
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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.; h; M7 U( p# I# x4 b' b
8 M5 V( h; m6 c: q8 o+ [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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+ N0 \4 V; b7 }) C% 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.
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/ Y# e" ^/ d# M. U9 L5 W: N© Edmonton Journal 2007 |
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