Most Expensive Housing Markets!

Eight out of the top 10 most expensive housing markets in the U.S. are in California, while eight Midwestern cities are among the 10 most affordable, according to the Coldwell Banker Home Price Comparison Index released today.

The study compared the average value of 2,200-square-foot houses with four bedrooms, two and a half baths, and a family room, plus a two-car garage, in 315 U.S. markets.

The results make it easy to conclude that some people pay a lot more than others for the same living space.

The average sales price of the homes that met the survey criteria was $403,738, a drop of 4.4 percent from 2007.

To search in your local area: http://idx.diversesolutions.com/MLS/SoCal/Agents/ptorredw

The 10 least expensive markets were:

1. Sioux City, Iowa
2. Jackson, Mich.
3. Akron, Ohio
4. Canton, Ohio
5. Garyling, Mich.
6. Minot, N.D.
7. Arlington, Texas
8. Muncie, Ind.
9. Killeen, Texas
10. Eau Claire, Wisc.

The 10 most expensive markets and their average sales prices were:

1. La Jolla, Calif.: $1,841,667
2. Greenwich, Conn.: $1,787,000
3. Beverly Hills, Calif.: $1777,475
4. Palo Alto, Calif.: $1,740,333
5. Santa Monica, Calif.: $1,653,333
6. Santa Barbara, Calif.: $1,599,667
7. Newport Beach, Calif.: $1,546,250
8. San Francisco, Calif.: $1,513,181
9. Boston, Mass.: $1493,750
10. San Mateo, Calif.: $1,366,475

Source: The Associated Press, Alex Veiga (09/09/08)