San Francisco tops US price poll

New research in the US

has revealed that San Francisco remained the most expensive city in the country last year.

The average home in the Californian location cost USD575,000 in 2008, down from USD770,000 in 2007.

Nearby San Jose dropped from second to third, while New York rose from seventh to second, with Honolulu moving rapidly up the list from 18th to joint fourth, with one of the smallest drops in price of any metropolitan area - from USD409,000 to USD400,000.

At the other end of the scale, those looking for bargains in the US market could find an average home for USD73,000 in Saginaw, Michigan or Youngstown, Ohio, while USD100,000 would be enough to buy the average home in Detroit, Cleveland or Buffalo.

Recent surveys have indicated a rise in property transactions in many places, such as Florida.

Florida Association of Realtors figures showed that in March the number of transactions for single family homes was 30 per cent higher than in the same month a year earlier.

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