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Edmonton housing prices have largest one-month drop in city's history
5 A" x3 e' s i9 |Edmonton Journal
L# u8 [- y5 H# y. qPublished: 12:09 pm0 v+ `: ^0 Z/ P2 _ e) d _( @
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.$ c* R; a8 ?. o N* R" D; m0 e
5 R- F: U- s% x' y) M3 nThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.) E4 }6 |* Y/ C% 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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8 [9 _ s' K5 u# zOne year earlier, inventory was just 2,138 units.0 D( q4 g& \7 r; G- }2 ~
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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.
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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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! @, O' {- L/ S2 \/ WPercentage-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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