2007 COLDWELL BANKER® HOME PRICE COMPARISON INDEX STUDY RELEASED

Buncombe County Home Prices Below the National Average for Middle Managers

ASHEVILLE, NC (OCTOBER 2007) - "Location. Location. Location." The age-old adage that defines home prices equates to a $2.1 million difference between the nation's most expensive and affordable housing markets according to the 2007 Coldwell Banker Home Price Comparison Index (HPCI). This annual "apples to apples" comparison of similar middle management homes in 317 U.S. markets finds that Beverly Hills repeats as the most expensive market in the nation. An average 2,200 square foot, 4 bedroom, 2 ½ bath home in Beverly Hills would cost $2.21 million. Yet, more than 1,400 miles away from the glitz of Rodeo Drive, the Beverly Wilshire Hotel and Spago sits Killeen, Texas, the nation's most affordable studied market where a home with similar characteristics would cost $136,725. Killeen residents rejoice in their fishing, hunting, boating and Friday Night Lights-type high school football passions while embracing their role as a support system for the family and troops based at Fort Hood.

Serving as a "snapshot" study, the Coldwell Banker HPCI evaluates average home values for select single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent), approximately 2,200 heated square feet, and a two-car garage, 1 in 394 markets across the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $422,343. By comparison, here in Buncombe County, the average sales price for single-family homes with four bedrooms, two and one-half baths, between 2,000 and 2,300 heated square feet, and a two-car garage that were sold in 2007, was $321,269,according to data recorded in the WNC Regional MLS through October 4, 2007. The National Association of Realtors reports the median price for all existing homes sold in the U.S., regardless of type, is $218,200.To view entire article Click Here.

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