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Edmonton housing prices have largest one-month drop in city's history
9 N8 E# R7 R. }Edmonton Journal1 V% D) G, d |5 y3 t
Published: 12:09 pm" C+ O. Z0 k3 ?$ n' ] Z: s
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.4 m( d* U, O% |3 Z* s% j- w
/ P+ \. q _- X( E7 ~The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.0 C( d) T/ Q% F. f
! X+ |% B- ^4 b2 _. SInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.& t9 ?4 l0 W7 G: f9 ^9 V# b
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+ c$ t4 k4 T# `, n! X( WOne year earlier, inventory was just 2,138 units.
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; b5 d4 e# M. U; @$ hWhile 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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/ G, n% {5 i, fAverage 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 ^* E( ~2 G: P; I
, ?- S, f9 m" f7 G D" g# ^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 $10,720.4 D0 k9 y2 }7 ]2 D2 X! S' N& Y
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© Edmonton Journal 2007 |
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