Dubai, United Arab Emirates, is the most expensive international market for homes, while La Jolla, Calif., is the most expensive U.S. market, according to a price study released by the Coldwell Banker brokerage company.

The study compares homes with similar sizes and attributes in 315 U.S. markets and in Puerto Rico, Canada and a sampling of other countries where Coldwell Banker has operations.

First launched in the late 1980s, the annual Coldwell Banker Home Price Comparison Index compares prices for four-bedroom, 2.5-bathroom homes that have about 2,200 square feet of space.

The cumulative average sales price of homes included in the survey in the 315 U.S. markets is $403,738, down 4.4 percent compared to the average price in the 2007 study.

La Jolla topped the list with an average $1.84 million price for homes that meet the study criteria, and Sioux City, Iowa, was the most affordable U.S. market, with an average home price of $133,459 for those homes that meet the study’s criteria.

Beverly Hills topped last year’s list of most expensive U.S. markets, with a $2.21 million average price, and Manhattan was not included in the study because of the lack of homes that met the study criteria, Coldwell Banker reported.

Most expensive U.S. markets

1

La Jolla, Calif.

2

Greenwich, Conn.

3

Beverly Hills, Calif.

4

Palo Alto, Calif.

5

Santa Monica, Calif.

6

Santa Barbara, Calif.

7

Newport Beach, Calif.

8

San Francisco, Calif.

9

Boston, Mass.

10

San Mateo, Calif.

Least expensive U.S. markets

1

Sioux City, Iowa

2

Jackson, Mich.

3

Akron, Ohio

4

Canton, Ohio

5

Grayling, Mich.

6

Minot, N.D.

7

Arlington, Texas

8

Muncie, Ind.

9

Killeen, Texas

10

Eau Claire, Wis.

Most expensive international markets

1

Dubai, United Arab Emirates

2

Milan, Italy

3

Bucuresti, Romania

4

Madrid, Spain

5

Rome, Italy

6

Dublin, Ireland

7

Paris, France

8

Hamilton, Bermuda

9

Florence, Italy

10

Providenciales, Turks and Caicos

Least expensive international markets

1

Quito, Ecuador

2

Guayaquil, Ecuador

3

Samborondon, Ecuador

4

Hanoi, Vietnam

5

San Jose, Costa Rica

6

Pereira, Colombia

7

Panama City, Panama

8

Bogotá, Colombia

9

Granada, Nicaragua

10

Fukouka, Japan

Source: 2008 Coldwell Banker Home Price Comparison Index

***

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