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Edmonton housing prices have largest one-month drop in city's history
; C7 W( ^* W3 W: f% zEdmonton Journal j8 T, |7 p! B7 f/ \1 i. W @3 |
Published: 12:09 pm
+ @8 r6 v7 Z5 j) f/ z) W8 M' Y" }- LEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.$ Z: ]( u5 X8 d p: w
" v: J0 E6 } P2 _The August average of $344,792, for all forms of housing, was down 2.8 per cent from July., n8 P. ]+ z$ c0 F) j7 ?
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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." q8 J k. w, \, T i4 t
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' s* O$ y( _$ O8 X! OOne year earlier, inventory was just 2,138 units.
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- x; q1 }3 Y/ Y# 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.( F1 O& n5 b4 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.
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+ U6 d5 N/ |3 W4 o. N: TPercentage-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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5 p1 w% ~4 c; A% P, x2 }- I© Edmonton Journal 2007 |
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