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Home Sales Prices Vary Widely From City to City

May 19, 1985

Resale prices for typical existing homes in the United States can vary more than $250,000 in different cities, and typical new homes show a range of nearly $300,000, according to a survey by Better Homes & Gardens Real Estate Service.

The semi-annual Housing Cost Comparison Survey found average prices for existing homes ranging from $47,603 in Flint, Mich., to $300,000 in Darien, Conn. New home average prices ranged from $55,000 in El Paso, Tex., to $340,000 in Long Beach, Calif. for water-oriented residences.

The survey was based on broker estimates of the price of a three-bedroom, 1,600-square-foot home with 1 1/2 to two baths and located in a desirable neighborhood. It covered 100 communities chosen to represent different geographic areas and population sizes.

Nationwide, the average price tag for a typical, upscale American family home is $96,212 for a new house and $83,360 for a resale home. The average ratio of sales price to asking price was reported at 94%--for example, a house listing at $100,000 and sold for $94,000.

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