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Edmonton housing prices have largest one-month drop in city's history
* H* b' _- f* p4 dEdmonton Journal% t* C# x! ^1 R
Published: 12:09 pm: T: [7 U1 R8 k9 E. I
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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' j* r& Q2 r. v6 }2 J# KThe August average of $344,792, for all forms of housing, was down 2.8 per cent from July.; q5 r$ {/ l- T
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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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+ X' u( e% F0 ^0 f ]* o1 COne year earlier, inventory was just 2,138 units.: @3 ^2 Z( ?7 u4 d$ L
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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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7 s0 J# [! \2 @* Q, L9 ~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.( h/ T/ `) R0 q6 y, y) D& K
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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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