La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list. Internationally, Singapore was the most expensive market for the same type of home, $1.9 million U.S. dollars, compared with Salinas, Ecuador, which at $69,375 U.S. dollars was the most affordable studied international market.

Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker Real Estate has a presence.

Subject homes in Sarasota average $266,360, making Sarasota one of the more affordable markets in the nation. Sarasota compares to the average price of homes in Huntsville, AL ($267,314) and Reno, NV ($272,309). Sarasota also is similar in price to Heredia, Costa Rica, one of the markets outside of the U.S., where a similar 2,200 square foot home costs $265,000.

ìThe HPCI continues to be a valuable tool for those that are curious about home prices or those that are in the process of moving,î says Sue Wolverton, Regional Senior Vice President of Coldwell Banker Residential Real Estate, Southwest Florida. ìWith so much being written and said about housing during the recession this survey allows consumers to recognize that real estate remains an extremely local business. It is important to note that there has been an uptick of potential buyer interest that gives us optimism.î

Wolverton also indicates that through the comprehensive HPCI section on http://hpci.coldwellbanker.com, consumers can calculate what their homes may be worth in other areas in the United States and Canada to gather preliminary intelligence about the affordability of housing from one market to another.

A ìSnapshotî of U.S. Home Affordability

Offering a ìsnapshotî of affordability across the United States, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family homes with four bedrooms, two-and-one-half baths.1 The cumulative average sales price of the four bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.

Through the comprehensive HPCI section on the Coldwell Banker web site (http://hpci.coldwellbanker.com), prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another.

2009 Coldwell Banker HPCI ñ Highlights and Top Market Lists

Affordable and Attractive: In addition to Grayling, Mich., the following are interesting tidbits about the other nine most affordable U.S. markets:

• Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone
• Fayetteville, N.C. ($130,875), a historic city known for its strong military ties
• Canton, Ohio ($131,867), birthplace of American professional football and home to the NFL Pro Football Hall of Fame
• Detroit, Michigan ($132,000), Americaís automotive manufacturing and Motown music hub
• Arlington, Texas ($138,775), home to the Dallas Cowboysí new stadium which will host the 2011 Super Bowl XLV, and the Texas Rangers' Ballpark
• Macon, Ga. ($139,007), hometown to many legendary soul and blues acts like Otis Redding, and home of the Georgia Music Hall of Fame
• Eau Claire, Wisc. ($141,270), which has been named one of the 100 Best Communities for Young People by America's Promise in the past
• Port Charlotte, Fla. ($142,750), which is minutes away from the Gulf of Mexico and setting to some of the countryís best sunset views
• Wichita, Kans. ($144,625), home to more than 30 museums and a haven for art-lovers, theatre-goers and golfers alike

Low Cost for Homeownership: In total, there are 84 U.S. markets in which the sample home price averages under $200,000. The monthly mortgage cost for homes in this price range could average less than $600, and down payments could amount to less than $4,000.

Luxury Living: La Jolla, California heads the list as the most expensive real estate market in the country ($2,125,000), beating out its California neighbor Beverly Hills, where the average home costs $1,981,750. Greenwich, Conn., whose average price of $1,519,250 places it as the most expensive market on the East coast, followed by Boston at No. 7 overall. In total, 11 U.S. markets exceeded the $1 million average price for the surveyed home. Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.

On Average:The overall national average price of homes in the Coldwell Banker HPCI is $363,401.

Canadian Prices Reach Record Levels: Canadaís brief market downturn is over, with record prices now seen throughout the resurgent market. Vancouver, BC leads the hot-again west coast at $1.17 million U.S. dollars for the studied home, nearly double that of nearby Burnaby BC at $611,243. Boomtown Fort McMurray at $593,340 surpasses Calgary as Albertaís most expensive market. Canadaís largest city, Toronto, Ontario comes in at $766,643, while Charlottetown PEI remains the countryís most affordable market, priced at $147,560 U.S. dollars.

Most Expensive Internationally: The most expensive market outside the United States is Singapore, where an HPCI subject home averages $1.9 million U.S. dollars, four percent lower than La Jolla. Coldwell Banker Real Estate compared a total of 57 markets in 29 countries outside of the United States, with those international home prices averaging $487,844 in U.S. dollars.

Click here for Highlights and Top Market Lists