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Edmonton housing prices have largest one-month drop in city's history
o9 W) {) k; ~" w- w$ v; ~, N9 W8 }Edmonton Journal' y: c/ S5 ]8 P: J: A
Published: 12:09 pm9 W/ _$ Y/ o5 H$ a
Edmonton-area home prices fell by almost $10,000 in August - the deepest drop in this city's history.( g3 R( u/ b2 v. i# [/ W
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The August average of $344,792, for all forms of housing, was down 2.8 per cent from July.) v( u0 {2 U1 v+ s
# t/ a" `, k5 ~$ G b# w+ S8 wInventory rose to a record level of 9,185 listings with 4,331 homes newly listed during the month and only 1,229 sold.8 C* _* o6 C J: L* }: p! e o
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One year earlier, inventory was just 2,138 units.
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* K' ^. [& ~ E4 n7 ]6 vWhile 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.! M* w8 u l: z& C$ F" X
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Average prices of single-family homes fell 3.2 per cent, in August, to $403,757. That rolls them back to the levels of March and April. But they're still up 27.6 per cent from 12 months earlier.5 b9 F! W ^0 B/ ]: P, `, i* n
* Q- |7 _2 j) r L- J$ e, g( \. rPercentage-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.. `" A3 L! G5 M; W1 v5 a
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! x& j. _: s; k( C; |' B© Edmonton Journal 2007 |
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