Industry News

Movie-star mecca is tops in home prices

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Beverly Hills, Calif., topped the list as the most expensive real estate market in the country while Killeen, Texas, ranked as the most affordable among 317 U.S. markets, according to Coldwell Banker Real Estate LLC's latest Home Price Comparison Index, released Wednesday. Beverly Hills also ranked as the most expensive market in the 2006 index report, while Minot, N.D., last year ranked as the most affordable market. The index compares similarly sized homes in different markets and is based on the benchmark of a 2,200-square-foot, four-bedroom, 2.5-bath single-family home with a family room or equivalent and a two-car garage in neighborhoods or ZIP codes within markets that are typical for corporate middle-management transferees. A home matching the index criteria in Beverly Hills would cost $2.21 million, while a home with similar characteristics would cost $136,725 in Killeen, Coldwell Banker reported, based on the average sales price of sold listings through July 2007...