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Edmonton housing prices have largest one-month drop in city's history
- N+ b+ A5 o; N6 hEdmonton Journal* c$ l% G% J3 C: d. V/ Y4 p
Published: 12:09 pm& V" ?$ u) T6 `) x, y% c
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.( u$ y* K: ^( m% e. M; R" B
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.9 V7 Y& j0 Q- c5 e8 K8 m
! @, v# X$ B; FInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold. b2 c, q: ^% W" ]4 g/ s
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% [" g6 |+ t) E5 rOne year earlier, inventory was just 2,138 units.
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* @+ @% y* n, {- ?1 h# c+ p% `. E! XWhile 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.# o" J$ A w4 ?0 r& n6 h; Y% C( ~
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Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.0 S9 ^; ^$ b8 p3 d, \0 k! T
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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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