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Sept 2 2010

We’re in the midst of a media frenzy over the supposed Canada wide bubble burst and according to CREB President Diane Scott the negative attention is hindering Calgary home sales.

CREB Data released yesterday shows single-family home sales fell by over 32 per cent in August compared with a year ago while condominium transactions sank by more than 42 per cent.

Scott says people aren’t buying because of negative economic news and reports continuing to come before the public which create plenty of uncertainty in the marketplace.

“If (buyers) don’t have to buy they’re just not doing it right now. There’s just too much unrest,” said Scott.

According to CREB, there were 867 single-family home sales in the city in August, down from August 2009’s 1,277 sales and slightly down from the 915 sales recorded the previous month.

The average MLS sale price for a single-family home fell to $445,617, down 4.1 per cent from July and also off 1.9 per cent from a year ago. The year-over-year decline was the first month since July 2009 in which single-family home prices were lower than the previous year.

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