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http://calsun.canoe.ca/News/Alberta/2007/10/02/4542538-sun.html& {; O* [' k- f- i8 s' j
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Tue, October 2, 2007- I k5 J% _* a
House prices drop $10K in Calgary# W' W9 w8 S# B/ U, `
UPDATED: 2007-10-02 01:41:36 MST! j. \8 W9 i8 `
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, v$ U D( i& t% r9 U/ k+ ~By PABLO FERNANDEZ, SUN MEDIA' b3 u; q5 u" u! j: X
0 D. X% N3 m/ O9 ZCalgary house prices sank $10,000 last month, the fourth decline in a row as inventory jumped and sales slumped, according to statistics released yesterday.
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5 \- ?$ P# E: p l# M; c9 tThe median price of homes, the middle value of homes sold, fell to $420,500 last month, down from $430,000 in August, said the Calgary Real Estate Board in its monthly housing sales report.4 \8 i: y7 W8 d; J1 O( B: j- }
9 }# A( p0 @# U& N' T) Q* {1 B* NYet, despite the falling prices, CREB president Ron Stanners said city home prices are still higher now than they were last year at this time.
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# Q& w3 n7 t( K4 U, G"The market place is very good right now, but it has slowed down over the last three or four months," said Stanners. "It's beginning to move more towards a buyers' market but even still, sellers are still getting much more today than they were this time last year."
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In fact, the median price of single-family homes in Calgary remained 9.68% higher in September than the same month last year. The number of single-family homes on the market jumped 5.15%, but sales slipped 19.03% in September from August, CREB figures say.
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/ Y+ [2 i/ @6 H& IThe pattern was identical in the condominium market, where more supply and fewer sales also resulted in more affordable prices.
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0 r5 L& Y: D6 `- E3 |: y# BThe number of condos going up for sale in September increased 10.88% over August, while there was a 12.66% decrease in units sold.
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4 _5 r, `+ ^* k; N5 N7 |$ o0 FThe average house price in September was recorded at $470,888, down slightly from the August average price of $485,914. |
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