Magazine article Mortgage Banking

Most Expensive and Most Affordable Housing Markets Identified

Magazine article Mortgage Banking

Most Expensive and Most Affordable Housing Markets Identified

Article excerpt

COLDWELL BANKER REAL ESTATE CORPORAtion, Parsippany, New Jersey, has released its annual Home Price Comparison Index (HPCI), which offers an "apples-to-apples" comparison of similar homes sold in typical, middle-management transferred-to neighborhoods in 317 markets across the United States and 25 markets in Canada. The snapshot study provides insight into the nation's most expensive and most affordable markets among the top most relocated-to areas in the country.

The HPCI's cumulative national average sales price of all markets surveyed is $318,172, up 9 percent from $291,097 in 2002. California continues to top the charts with six of the country's 10 most expensive markets, with La Jolla leading the state at $1,362,375, followed by Palo Alto at $1,179,000. According to the HPCI, California also has the greatest variance, of $1,146,533 between La Jolla and Bakersfield ($215,842).

The 10 most expensive markets overall in 2003 are La Jolla, California; Palo Alto, California; Greenwich, Connecticut ($1,170,600); Beverly Hills, California ($1,097,250); San Francisco ($971,750); New Canaan, Connecticut ($963,750); Wellesley, Massachusetts ($959,048); Newport Beach, California ($916,000); Kailua Kona, Hawaii ($906,250); and Manhattan Beach, California ($904,500). …

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