(WASHINGTON) — The U.S. housing market may be in a recovery after a long decline but the difference in price between the most expensive and affordable regions remains as stark as ever.
The city with the most expensive average listing price was Los Altos, Calif., according to real estate firm Coldwell Banker, which released its annual home listing report Wednesday.
In Los Altos, about 40 miles south of San Francisco, the average listing price of a four-bedroom, two-bathroom home is $1,706,688.
That was in sharp contrast with the most affordable market in Coldwell Banker’s list. The average listing for Redford, Mich. is $60,490. That wouldn’t even be enough to cover the typical sales commission on a home in Los Altos.
Within a short drive of tech companies, Apple, Facebook, and Google and competitive schools, Los Altos was one of five most expensive markets, all in California.
Meanwhile the Commerce Department reported Wednesday that new-home sales, only a small portion of the housing market, ticked down 0.3 percent in October for an annual rate of 368,000, seasonally adjusted. However, new-home sales are 20.4 percent higher than October of last year.
On Tuesday, S&P/Case-Shiller reported that U.S. home prices rose again for the sixth straight month.
Coldwell Banker said the nation’s average listing for a four-bedroom, two-bathroom home is $292,152. The firm analyzed more than 72,000 home listings in more than 2,500 U.S. markets from January 2012 to June 2012.
Copyright 2012 ABC News Radio
Chandra Johnson, Deseret News
Scott Zamost and Drew Griffin, CNN Newswire