Industry News

Beverly Hills ranks as most expensive U.S. real estate market

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Nine of the 10 most expensive real estate markets in the country are in California, and Beverly Hills tops the list, according to a home-price study released today by Coldwell Banker. The average sales price of a home in Beverly Hills is $1.8 million. Meanwhile, Minot, N.D., ranked as the most affordable market among 317 U.S. markets surveyed, with an average sales price of $132,333, according to a report based on the company's Home Price Comparison Index. The cumulative average sales price of homes in the U.S. markets and in one Puerto Rico market is $423,950, a 6 percent increase compared to the same period in 2005 and up 57.5 percent since 2001. The index report used survey data from Coldwell Banker offices in the United States, Puerto Rico, Canada and other countries where the company has operations. Offices submitted data based on the average sales price of sold listings through July 2006 or a comparative market analysis of homes previously evaluated for the 2005 index. The cri...