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Kailua-Kona home
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Honolulu homes fitting the index's criteria sold for an average $614,750, 44th in the country, while Kihei, Maui was 46th at $591,630.
Coldwell Banker bills the index as an "apples to apples" comparison of similar homes, but many of the 43 markets that ranked higher than Honolulu were much smaller, wealthy enclaves in Northern California, Connecticut and Massachusetts.
For the second straight year, the most expensive market in the country was La Jolla, Calif. ($1,708,333), followed by Beverly Hills, ($1,313,750), Santa Barbara ($1,230,000), Palo Alto ($1,212,000) and Greenwich, Conn. ($1,192,000).
Compared with larger cities, Honolulu ranked below San Francisco ($1,125,500), Boston ($1,053,00) and Chicago ($763,333), but higher than San Diego ($607,475), Atlanta ($283,000), Portland ($262,600), New Orleans ($250,375), and St. Louis ($229,325).
The lowest-priced market in the country was Minot, N.D. at $130,000.
Homebuyers contemplating a move to another city can calculate that city's home prices using the index, at www.coldwellbanker.com.