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Edmonton housing prices have largest one-month drop in city's history B. m. [- A! H3 P3 f
Edmonton Journal# @# }& z n! {! \. ~2 c) l( X
Published: 12:09 pm4 e- x- E, l- J
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.( v/ {2 t5 J: c- B. G' E
7 @/ a; N0 z' K& \, ~The August average of $344,792, for all forms of housing, was down 2.8 per cent from July./ M1 ~& F, d, _! E4 d W: a4 Q2 B( U
9 Y0 w4 I% X# n AInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.( f& m3 [! W9 D/ k9 k
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One year earlier, inventory was just 2,138 units.& `* X. a" E0 Z6 J4 U2 M! B
1 w- d7 V5 e9 jWhile sellers have lost the luxury of bidding wars, "buyers have a lot of choice," said Carolyn Pratt, president of the Realtors Association of Edmonton - which released the figures, Wednesday.
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" Q1 W& v$ `; v2 s/ `3 PAverage 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.: p2 F. f1 ^% E! M5 f+ ]& H. `3 `
% v0 a9 _4 v9 P: T; LPercentage-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 $10,720.. i, h O. i2 W$ H z9 f
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© Edmonton Journal 2007 |
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