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STUDY SHOWS $650,000 DIFFERENCE BETWEEN AMERICA’S MOST AFFORDABLE AND MOST EXPENSIVE HOME MARKETS, OKLAHOMA CITY AND BEVERLY HILLS TOP COLDWELL BANKER LISTS; Annual Home Price Comparison Index Evaluates Nearly 300 Markets

STUDY SHOWS $650,000 DIFFERENCE BETWEEN AMERICA’S MOST AFFORDABLE AND MOST EXPENSIVE HOME MARKETS, OKLAHOMA CITY AND BEVERLY HILLS TOP COLDWELL BANKER LISTS; Annual Home Price Comparison Index Evaluates Nearly 300 Markets

PARSIPPANY, N.J.–(BUSINESS WIRE)–Jan. 15, 1997–A buyer of a 2,200-square-foot home in Oklahoma City, Okla. would have to pay nearly eight times more, or nearly $667,000, for a similar-sized home in Beverly Hills, Calif.–a wide contrast in home prices between America’s most affordable and most expensive markets, according to Coldwell Banker Residential Affiliates Inc.’s annual “Home Price Comparison Index” released today.

Oklahoma City topped the Coldwell Banker list of most affordable homes in America for the second consecutive year with the average price of $99,333. On the high end of the scale, Beverly Hills came in number one with the average price of $766,250, holding the distinction of the most expensive market in the United States. The city named as America’s most average priced market to purchase a home is Anchorage, Alaska.

Coldwell Banker surveyed nearly 300 of its residential real estate offices in the U.S., Canada and Puerto Rico during the last quarter of 1996 to determine the average sales price of a “typical corporate transferee home” in markets throughout North America. The “subject home” evaluated in the Home Price Comparison Index is a single-family dwelling with four bedrooms, two and one-half baths, family room and two-car garage. -0-

According to the survey, the top 10 most affordable U.S. markets are:

City Price

Oklahoma City, Okla. $99,333

Fort Worth, Texas $104,466

Tulsa, Okla. $110,262

Lubbock, Texas $110,600

Houston, Texas $115,300

Rapid City, S.D. $116,500

Fort Smith, Ark. $117,275

Springfield, Mo. $120,875

Binghamton, N.Y. $123,350

Bryan-College Station, Texas $124,975

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The top 10 most expensive U.S. markets, seven of which are in

California, are:

City Price

Beverly Hills, Calif. $766,250

Greenwich, Conn. $663,000

Brentwood, Calif. $599,000

San Francisco, Calif. $583,325

La Jolla, Calif. $515,000

Wellesley, Mass. $510,900

San Mateo, Calif. $503,000

Newport Beach, Calif. $500,313

Darien, Conn. $499,062

Palos Verdes, Calif. $454,250

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