Calgary house prices drop 6% in October while sales plummet 33%

October saw the largest decline in housing prices so far this year, according to the latest data from the Calgary Real Estate Board (CREB).

The average sale price for the month camein at $457,513down 6.1 per cent from October 2014.

In September, the average sale price was $457,658, down six per cent, year-over-year.

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While mediansaleprices were flat in September, they did drop in October, falling 2.6 per cent to $419,000.

And the total number ofhome sales continues to be significantly lower than in 2014, with just 1,421 transactions in October. That's down 33.3 per cent.

Homes sold in October had beenon the market for an average of 41 days, according to CREB data, up from 37 days in October 2014.

There were 5,572 active listings inOctober, up 20 per cent from the4,643 listings inOctober 2014.

"Persistent weakness in the overall economy continued to impact housing demand in Calgary as October sales were nearly 16 per cent below long-term averages,"CREBchief economist Ann-MarieLuriesaid in a release.

"In addition, new listings did not decline enough to prevent inventory gains and, ultimately, price contractions."