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Edmonton housing prices have largest one-month drop in city's history% Q5 _/ e: u% X5 P
Edmonton Journal; Y$ z$ o. H$ C7 j
Published: 12:09 pm
# r# w& b- C4 |4 O5 S. z" n3 V, S6 T# t) EEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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# F4 I( g, P) A X* Z5 G& [The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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Inventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold. I5 U3 j+ i5 E/ ]" d
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$ K- G' \% t8 R7 W3 h& b" S, JOne year earlier, inventory was just 2,138 units.& s0 R* `* s0 |" T" |( N
8 d2 L e- r7 `4 _/ lWhile 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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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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