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Edmonton housing prices have largest one-month drop in city's history
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Published: 12:09 pm3 B& k- N0 O) A* \, {
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.. V4 k" T! g! i* G* q$ V, V
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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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7 }8 `# \- @) v! a* d1 {Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.- Q, q7 t4 s" i1 F5 ~
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One year earlier, inventory was just 2,138 units.; Q. e+ e: E- Q
4 o8 K8 z) v* rWhile 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.( [/ r" M/ a3 \6 Q& ` O9 N
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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.8 C5 @. c8 u8 b' T9 x% c' X! S
5 f: l- H# x1 W+ i XPercentage-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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7 h: g% q3 Q8 f' T/ V* B; L& s1 O© Edmonton Journal 2007 |
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