The West is booming in the arena of the most expensive real estate markets in the country, according to a new survey by the National Association of Realtors, with Boulder, Colorado showing an average price of $836,900.
Although the prices in such high-end markets are spectacular, they are also on the downside, according to Lawrence Yun, chief economist with NAR.
“Generally speaking, home prices are lower in expensive markets and higher in affordable markets,” said Yun in a press release accompanying the latest statistics. That activity, he added, suggests “greater mortgage rate sensitivity for high-priced homes.”
Of the top 10 most expensive markets, nine (counting Hawaii) were located in the West.
In California, home to seven of the ten markets, prices ranged from a low of $844,800 in the Oxnard-Thousands Oaks-Ventura market, about 60 miles to the north of Los Angeles; to a high of just over $1.6 million in the Santa Jose-Santa Clara market some 40 miles to the south of San Francisco.
Even though the Boulder with an average of $836,900 made it the most expensive market in the Centennial state, that figure was off by some 2.6% over the first quarter of 2022.
Nationally, notes the NAR report, the average single-family home price is now at $371,200, representing a marginal 0.2% decline over the first three months of last year.
By Garry Boulard
