Six of the 10 most expensive housing markets in the country are in California, according to Coldwell Banker’s annual Home Listing Report.
At the top of the most expensive list: Newport Beach, Calif., which was the costliest place to buy a four-bedroom, two-bathroom house for the second year in a row, according to the June report of 2,300 markets in North America.
The report considers the average listing price of four-bedroom, two-bathroom houses listed at ColdwellBanker.com. The houses were listed on the site from September 2010 to March.
The average U.S. house that fit this criteria listed at about $293,000. The average listing price in Newport Beach: $2.5 million.
Some of the most affordable markets are suffering from weak economies and include Midwestern cities that never experienced high housing prices during the boom but in which prices fell as their economies deteriorated. Other affordable markets include areas dealing with an overabundance of new-housing supply. Niagara Falls, N.Y., has the most affordable housing market in the country, according to the report.
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Most expensive housing markets
1. Newport Beach, Calif.
2. Pacific Palisades, Calif.
3. Stone Harbor, N.J.
4. Rancho Palos Verdes, Calif.
5. Saratoga, Calif.
6. Los Gatos, Calif.
7. Weston, Mass.
8. Greenwich, Conn.
9. Mercer Island, Wash.
10. Cupertino, Calif.