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.

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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