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$103,633 Is Average U.S. New Home Price : Existing Dwellings Reported Selling from $47,500 to $435,000, National Survey Shows

December 15, 1985|DAVID M. KINCHEN

The average selling price of an existing home nationally is $93,163, while the average new home sells for $103,633, according to a fall survey by Better Homes and Gardens Real Estate Service.

"Location, location, location" is more than just a real estate cliche, with the existing homes averaging as low as $47,500 in Buffalo, N.Y., to as much as $435,000 in Saddle River, N.J., a few hundred miles away. Saddle River is an upper-income suburb of New York City.

The survey didn't report new-home prices in Los Angeles, but existing-home prices averaging $135,000 were reported for "northwest" Los Angeles and $230,000 for Palos Verdes Estates.

On Market 96 days

Average prices are based on broker estimates of the cost of a three-bedroom, 1,600-square-foot house in a desirable neighborhood, according to the Des Moines, Iowa-based firm.

The average ratio of sales price to asking price nationally is 94%, meaning that a home listed for $100,000 eventually sold for $94,000. Homes stayed on the market an average of 96 days, with a low of 12 days in Concord, N.H., and a high of 209 in Greenville, Miss., the survey reported.

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