Industry News

$1.5M gap between priciest, most affordable real estate markets

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Seven of the 10 most expensive housing markets in the nation are in California, according to a home-price comparison research conducted by Coldwell Banker Real Estate Corp. The annual Home Price Comparison Index is intended to provide an "apples-to-apples" comparison of similar homes sold in typical middle-management transferee neighborhoods in 348 markets across the country and in Puerto Rico and Canada. The study highlights some of the most expensive and most affordable markets in areas with high relocation rates. According to the U.S. Census Bureau, 40 million Americans moved between 2002 and 2003. "Americans are a mobile people, especially during an expanding economy," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corp. "The Coldwell Banker (index) serves as a useful tool for those involved in transfers and moves or the curious who want to see what their home would cost in other markets. Home prices vary greatly from market to market, and...