COLDWELL BANKER REAL ESTATE RELEASES ANNUAL HOME PRICE COMPARISON INDEX FOR united states and SELECT international MARKETS

$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.

Singapore Tops International List as Most Expensive Foreign Market; Salinas, Ecuador Most Affordable

PARSIPPANY, N.J. (Sept. 23, 2009) – The 2009 Coldwell Banker® Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets.  In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing markets, La Jolla, Calif. led the list as the most expensive real estate market in the country with an average home price of $2,125,000.  Grayling, Mich., also known as the “canoe capital of the world,” ranked as the most affordable market in America, where a similarly sized home costs $112,675.

La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list.  Internationally, Singapore was the most expensive market for the same type of home, $1.9 million U.S. dollars, compared with Salinas, Ecuador, which at $69,375 U.S. dollars was the most affordable studied international market.

Lancaster fell in the middle of the report, with a housing index of 71 and average price of $257,000. 

(Click here to see the full Coldwell Banker HPCI chart)

Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

”While price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.  “The four-bedroom, two-and-a-half bath home is one we deem ‘aspirational’ and usually purchased by move-up buyers experiencing lifestyle changes.  Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes.  Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy.”