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Edmonton housing prices have largest one-month drop in city's history
& i4 l3 o( O) r7 VEdmonton Journal
5 [6 M2 A7 i) N9 y+ t6 i+ EPublished: 12:09 pm7 K1 A1 W$ I! a* U& x+ ~: p% L" b
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.2 @% U, |, X1 I/ F( ?0 V
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.
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! {* |1 t/ u& yOne year earlier, inventory was just 2,138 units.. u6 Y& S! r8 Y7 o+ _
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While sellers have lost the luxury of bidding wars, "buyers have a lot of choice," said Carolyn Pratt, president of the Realtors Association of Edmonton - which released the figures, Wednesday.$ v4 i- [6 b {+ Z9 F `, |/ j$ ]
. q+ @' C0 b! U# i$ R2 r1 n5 QAverage 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.% y: X) ]* N& v( Z9 w& }
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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.
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© Edmonton Journal 2007 |
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