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Edmonton housing prices have largest one-month drop in city's history
' m5 @4 S. }: W; n; o* REdmonton Journal
% z+ W+ P" o8 {3 `# {" x# ]Published: 12:09 pm
' D% ^5 h$ d3 X6 `5 u6 IEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.& h4 h5 j/ q+ m; J8 I+ b. Q; d
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.; `" C/ a) r, k( f2 s
7 @2 C( d& w: yInventory 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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# k) X7 V( ]0 D QOne year earlier, inventory was just 2,138 units.' }( m5 j6 n8 b) m6 H6 b
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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 $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.6 k/ ^$ W$ f2 \1 E `
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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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