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Edmonton housing prices have largest one-month drop in city's history
( N g! @" W% Q+ R6 u& UEdmonton Journal
( }' q3 H: E5 x+ C# KPublished: 12:09 pm
* m# Z' I. P1 mEdmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.
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( X/ B1 w% Q ^' GInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.& I q9 a; y) t; W& _: l
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4 Q2 l; ~6 x8 f* L7 l+ oOne year earlier, inventory was just 2,138 units.
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% K" {/ h. K6 E1 r2 |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 $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.& q. g+ t8 B8 B( n$ v9 u6 @7 \
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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 $10,720.4 G" d; h, ^' f4 Z% a' u o
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: r4 D$ @1 |( P4 x© Edmonton Journal 2007 |
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