2004 COLDWELL BANKER HOME PRICE COMPARISON INDEX (HPCI) IDE

2004 COLDWELL BANKER® HOME PRICE COMPARISON INDEX (HPCI) IDENTIFIES MORE THAN $1.5 MILLION DIFFERENCE BETWEEN LA JOLLA, CA AND MINOT, N.D., THE NATION'S MOST EXPENSIVE AND MOST AFFORDABLE MARKETS, RESPECTIVELY

PARSIPPANY, N.J. (September 29, 2004) - Thinking about moving to another city? Coldwell Banker Real Estate Corporation (Coldwell Banker ® ) today released its annual Home Price Comparison Index (HPCI), the only index of its kind that offers an "apples-to-apples" comparison of similar homes sold in typical, middle-management transferee neighborhoods in 348 markets across the United States, Puerto Rico and Canada. The snapshot study provides insight into the most expensive and most affordable markets among some of region's most relocated-to areas.

According to the U.S. Census Bureau, 40 million Americans moved between 2002 and 2003. The Coldwell Banker HPCI formula allows consumers to specifically calculate what their own home could be worth in another city and provides preliminary guidance for the affordability of housing from one market to another.¹ This press release offers an overview of the study's findings - the full data report (available in both numerical order of market value and alphabetical order by state and market) and the automatic HPCI calculation function to determine specific home values can be accessed on www.coldwellbanker.com.

"Americans are a mobile people, especially during an expanding economy," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "The Coldwell Banker HPCI serves as a useful tool for those involved in transfers and moves or the curious who want to see what their home would cost in other markets. Home prices vary greatly from market to market, and the HPCI gives some clarity to what homes cost in different parts of the country."
2004 Coldwell Banker^® HPCI - Highlights and Top Markets Lists:

• The cumulative average sales price of the 322 U.S. markets surveyed in the Coldwell Banker HPCI is $354,372; up 11.38 percent from $318,172 in 2003.
• More than 60 percent of the markets surveyed have an average home price of less than $300,000.
• For the second year in a row, the study's most expensive market is La Jolla, Calif. ($1,708,333). The most affordable market is Minot, N.D. ($130,300).
• The price difference between La Jolla and Minot is $1,578,033 for a similar 2,200 square foot home.
• Seven of the country's 10 most expensive markets are in California. The others are in Connecticut, Massachusetts and Hawaii.
• Montana and Texas are each home to two of the top 10 most affordable markets.
• American markets that come closest to the $354,372 HPCI national average sales price are Minneapolis, Minn. and Leesburg/Loudoun County, Va.
• Alabama narrowly beats Nebraska as having the least price variance within one state. Alabama has a $7,891 difference between Huntsville ($188,466), the most expensive area, and Mobile ($180,575), the most affordable.
• California has the greatest variance within the same state at $1,359,733 between La Jolla ($1,708,333) and Riverside/Ontario ($348,600).
• Among the major cities included in the HPCI, the average home price for San Francisco was $1,125,500, while Boston averages $1,053,594 and Chicago averages $763,333.

The top 10 most expensive and most affordable markets overall in 2004 are:

Rank	Most Expensive	2004 Avg. Sales Price	Most Affordable	2004 Avg. Sales Price
1	La Jolla, Calif.	$1,708,333	Minot, N.D.	$130,300
2	Beverly Hills, Calif.	$1,313,750	Great Falls, Mont.	$130,525
3	Santa Barbara, Calif.	$1,230,000	Arlington, Texas	$134,550
4	Palo Alto, Calif.	$1,212,000	Billings, Mont.	$134,650
5	Greenwich, Conn.	$1,192,500	Killeen, Texas	$136,750
6	Newport Beach, Calif.	$1,174,375	Tulsa, Okla.	$138,250
7	San Mateo, Calif.	$1,142,500	Topeka / Shawnee County, Kan.	$141,850
8	San Francisco, Calif.	$1,125,500	Parkersburg, W. Va.	$144,000
9	Wellesley, Mass.	$1,102,500	Cadillac, Mich.	$145,000
10	Kailua Kona, Hawaii	$1,087,500	Knoxville, Tenn.	$145,696

The most expensive and most affordable markets within each state in the United States are:

State	Most Expensive	2004 Avg. Sales Price	Most Affordable	2004 Avg. Sales Price	Variance
ALABAMA	Huntsville	$188,466	Mobile	$180,575	$7,891
ALASKA	Juneau	$420,537	Anchorage	$248,491	$172,046
ARIZONA	Scottsdale	$376,300	Tucson	$212,600	$163,700
ARKANSAS	Fayetteville	$207,325	Fort Smith	$164,125	$43,200
CALIFORNIA	La Jolla	$1,708,333	Riverside/Ontario	$348,600	$1,359,733
COLORADO	Boulder	$441,725	Colorado Springs	$180,666	$261,059
CONNECTICUT	Greenwich	$1,192,500	Litchfield County/Torrington	$220,000	$972,500
DELAWARE	Wilmington $348,200 *
FLORIDA	Key West	$759,499	Pensacola	$169,975	$589,524
GEORGIA	Atlanta	$283,900	Dalton	$172,725	$111,175
HAWAII	Kailua Kona	$1,087,500	Kihei, Maui	$591,630	$495,870
IDAHO	Boise	$192,740	Coeur d'Alene	$180,570	$12,170
ILLINOIS	Chicago	$763,333	Springfield	$168,800	$594,533
INDIANA	Munster	$299,666	Evansville	$166,565	$133,101
IOWA	Des Moines	$242,400	Dubuque	$177,725	$64,675
KANSAS	Lawrence	$226,800	Topeka / Shawnee County	$141,850	$84,950
KENTUCKY	Louisville	$223,518	Lexington	$155,983	$67,535
LOUISIANA	New Orleans	$250,375	Lafayette	$171,750	$78,625
MAINE	Portland	$334,800	Lewiston/Auburn	$166,475	$168,325
MARYLAND	Bethesda / Chevy Chase / Montgomery County	$491,440	Eastern Shore	$247,425	$244,015
MASSACHUSETTS	Wellesley	$1,102,500	Greater Springfield	$291,666	$810,834
MICHIGAN	Ann Arbor	$340,000	Traverse City	$229,967	$110,033
MINNESOTA	Edina	$367,175	Moorhead/Clay County	$167,850	$199,325
MISSISSIPPI	Jackson	$219,875	Tupelo	$166,225	$53,650
MISSOURI	St. Louis	$229,325	Springfield	$159,933	$69,392
MONTANA	Bozeman	$256,499	Great Falls	$130,525	$125,974
NEBRASKA	North Platte	$177,825	Omaha	$169,900	$7,925
NEVADA	Reno/Sparks	$347,100	Las Vegas	$263,125	$83,975
NEW HAMPSHIRE	Hanover	$469,125	Portsmouth	$277,000	$192,125
NEW JERSEY	Warren	$753,000	Turnersville / Gloucester County	$231,467	$521,533
NEW MEXICO	Santa Fe	$448,625	Albuquerque	$262,500	$186,125
NEW YORK	Bayside, Queens	$641,125	Binghamton	$147,525	$493,600
NORTH CAROLINA	Wilmington	$229,750	Greensboro	$178,500	$51,250
NORTH DAKOTA	Fargo	$184,262	Minot	$130,300	$53,962
OHIO	Cincinnati	$234,167	Dayton	$166,600	$67,567
OKLAHOMA	Oklahoma City	$182,158	Tulsa	$138,250	$43,908
OREGON	Bend	$319,519	Salem	$225,633	$93,886
PENNSYLVANIA	Philadelphia County/ Center City Philadelphia	$488,675	Erie	$183,450	$305,225
RHODE ISLAND	Providence $440,000 *
SOUTH CAROLINA	Charleston	$290,000	Columbia	$175,500	$114,500
SOUTH DAKOTA	Rapid City	$174,700	Aberdeen	$148,225	$26,475
TENNESSEE	Nashville	$198,000	Knoxville	$145,696	$52,304
TEXAS	Dallas	$236,313	Arlington	$134,550	$101,763
UTAH	Salt Lake City	$238,288	Provo	$210,552	$27,736
VERMONT	Burlington	$279,750	Montpelier	$241,500	$38,250
VIRGINIA	McLean / Fairfax County	$558,650	Roanoke/Blacksburg	$279,750	$278,900
WASHINGTON	Bellevue	$491,666	Spokane	$207,321	$284,345
WEST VIRGINIA	Charleston	$195,667	Parkersburg	$144,000	$51,667
WISCONSIN	Milwaukee	$310,000	Eau Claire	$151,433	$158,567
WYOMING	Cheyenne $194,225 *

The 2004 average price in the Commonwealth of Puerto Rico:

PUERTO RICO

$269,250 *

The most expensive and most affordable markets (in U.S. dollars) within each Province in Canada are:

Province	Most Expensive	2004 Avg. Sales Price	Most Affordable	2004 Avg. Sales Price	Variance
ALBERTA	Calgary	$218,796	Edmonton	$206,807	$11,989
BRITISH COLUMBIA	Vancouver	$491,058	Burnaby	$322,871	$168,187
MANITOBA	Winnipeg $150,456 *
NEW BRUNSWICK	Moncton $126,642 *
NEWFOUNDLAND	St. John's $159,033 *
NOVA SCOTIA	Halifax $159,659 *
ONTARIO	Toronto	$383,237	Hamilton	$153,084	$230,153
PRINCE EDWARD ISLAND	Charlottetown $104,988 *
QUEBEC	Granby $158,759 *
SASKATCHEWAN	Saskatoon $162,774 *
YELLOW KNIFE	Whitehorse $160,493 *

* Only one market included in the study.

HPCI Formula Provides Customizable, Home Cost Insight for Buyers and Sellers:
What would your house cost if you were moving from Pittsburgh, PA, to Providence, RI? The Coldwell Banker HPCI standard statistics indexing formula helps provide an answer. Consumers can either use the automated indexing formula by logging onto www.coldwellbanker.com and entering their information or they may do so manually by looking up index numbers listed on the site and following the instructions: Multiply the market value of your current home by the index number of the destination city where you plan to move. Then, divide that number by the index number of the market where your current home is located. Example: Your home in Pittsburgh (index # 69) has a market value of $243,125 and you are moving to Providence (index #124). $243,125 x 124 = $30,147,500 divided by 69 = $436,920. Therefore, the approximate price you would pay for a similar home in Providence is approximately $440,000.

Methodology - 2004 Coldwell Banker^® Home Price Comparison Index:
Coldwell Banker Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico and Canada. Companies within the Coldwell Banker System submitted data based on the average sales price of sold listings through July 2004, along with averages of prior listings that were priced at current market levels. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)², 4 bedrooms, 2 1/2 baths, family room (or equivalent) and 2-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

¹ The Coldwell Banker Home Price Comparison Index (HPCI) is not intended and should not be deemed to be a definitive determination of price for any particular real estate. While the HPCI offers insight into housing costs, the organization recommends that potential home buyers and sellers conduct additional research and work with a reputable real estate professional on their specific needs.

² 2,200 square feet was the baseline figure used as size criteria for the HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.