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RE/MAX^® 2005 HOME PRICE COMPARISON INDEX

REVEALS $1.7 MILLION DIFFERENCE FOR THE SAME SIZE HOME
IN MOST EXPENSIVE AND MOST AFFORDABLE MARKETS

Study Evaluates Cost Variances in 319 U.S. Markets, with La Jolla, Calif.,
and Killeen, Texas, at Opposite Ends of the Spectrum

PARSIPPANY, N.J. (September [22], 2005) – What’s the difference between La Jolla, Calif., and Killeen, Texas? About 1,350 miles and $1.7 million. The annual RE/MAX^® Home Price Comparison Index (HPCI), which is an “apples-to-apples” comparison of homes sold in typical, middle-management neighborhoods, found that the tony, seaside community of La Jolla topped the charts at $1,875,000, while Killeen was the most affordable area at $131,328. The HPCI evaluated average home values for a single-family dwelling measuring approximately 2,200 square feet with four bedrooms, two and one-half baths, a family room (or equivalent) and two-car garage¹. The snapshot study examined 344 total markets across the United States, Puerto Rico and Canada.

“The HPCI reinforces what we have been saying all year – the real estate market remains strong,” says Jim Gillespie, president and chief executive officer of RE/MAX Real Estate Corporation. “Millions of consumers are on the move, trading up and seeking new opportunities. In fact, the National Association of REALTORS^® predicts that more than seven million homes will be sold in 2005, making this the top year on record. With the rapid price appreciation we have seen in housing over recent years, the HPCI has become an even more valuable tool. By helping Americans gauge the value of their home in new markets, it takes some of the guesswork out of the stress of moving.”

Gillespie noted that through an enhanced HPCI section , consumers can calculate what their homes might be worth in other areas and gather preliminary guidance about the affordability of housing from one market to another.

2005 RE/MAX^®HPCI – Highlights and Top Market Lists

ü The cumulative average sales price of the 319 U.S. markets surveyed in the RE/MAX HPCI is $401,767 up 13.3 percent from $354,372 from the same period last year.

ü For the third year in a row, the study’s most expensive market is La Jolla, Calif. ($1,875,000). The most affordable market is Killeen, Texas ($131,328).

ü The price difference between La Jolla and Killeen is $1,743,672 for a similar 2,200 square foot home.

ü Of the markets surveyed, 52 percent have an average home price of less than $300,000.

ü The average sales price in the most affordable market, Killeen, Texas, is a mere $1,028 more expensive than the most affordable market in 2004, Minot, N.D.

ü Nine of the country’s top 10 most expensive markets are in California. Greenwich, Conn., rounds out the top 10 list. Other high-ticket areas outside of California are along the East Coast, including Boston ($1,260,000), Rye, N.Y. ($869,125), and Bethesda/Chevy Chase ($829,750). Note that Manhattan (N.Y.) was not included in the study due to a lack of single-family homes.

ü Markets that come closest to the national average sales price of $401,767 are Minneapolis, Minn. ($397,133) and Edina, Minn. ($404,150). The study also found that Fresno, the least expensive market in California, was a mere 3 percent below the national average.

ü Among the top 10 most affordable markets, three are in Texas (Killeen, Arlington, Fort Worth) and two are in West Virginia (Beckley, Parkersburg).

ü California has the greatest variance within the same state at $1,485,542 between La Jolla at the high end ($1,875,000) and Fresno at the low end ($389,458).

ü Among the major cities included in the HPCI, the average home price for San Francisco was $1,300,000, with Boston averaging $1,260,000 and Chicago $815,000.

The top 10 most expensive and most affordable markets overall in 2005 are:

Rank	Most Expensive	2005 Avg. Sales Price	Most Affordable	2005 Avg. Sales Price
1	La Jolla, Calif.	$1,875,000	Killeen, Texas	$131,328
2	Santa Monica, Calif.	$1,766,666	Minot, N.D.	$133,266
3	Beverly Hills, Calif.	$1,656,500	Beckley, W.Va.	$137,875
4	Santa Barbara, Calif.	$1,603,750	Arlington, Texas	$139,510
5	Palo Alto, Calif.	$1,550,000	Billings, Mont.	$142,500
6	Newport Beach, Calif.	$1,499,000	Tulsa, Okla.	$142,600
7	San Mateo, Calif.	$1,334,425	Parkersburg, W.Va.	$146,000
8	San Francisco, Calif.	$1,300,000	Fort Worth, Texas	$148,610
9	San Jose, Calif.	$1,272,625	Yankton, S.D.	$149,521
10	Greenwich, Conn.	$1,267,500	Grayling/Roscommon, Mich.	$149,600

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

Editors note: As a result of the devastation in the Gulf Coast from Hurricane Katrina, statistics from Alabama, Mississippi and Louisiana were not included in this year’s study and will not be on the enhanced report on www..com.

State	Most Expensive	2005 Avg. Sales Price	Most Affordable	2005 Avg. Sales Price	*Variance*
ALASKA	Juneau	$443,000	Anchorage	$305,107	$137,893
ARIZONA	Scottsdale	$478,833	Mesa	$248,666	$230,167
ARKANSAS	Fayetteville	$227,050	Fort Smith	$170,750	$ 56,300
CALIFORNIA	La Jolla	$1,875,000	Fresno	$389,458	$1,485,542
COLORADO	Boulder	$546,350	Colorado Springs	$211,667	$334,683
CONNECTICUT	Greenwich	$1,267,500	Torrington	$233,331	$1,034,169
DELAWARE	Wilmington $377,250 *
FLORIDA	Key West	$949,375	Pensacola	$222,258	$727,117
GEORGIA	Atlanta	$303,000	Macon	$167,850	$135,150
HAWAII	Kihei, Maui	$745,454	Honolulu, Hawaii	$737,625	$7,829
IDAHO	Coeur d’Alene	$262,850	Boise	$213,808	$49,042
ILLINOIS	Chicago	$815,000	Rockford	$184,700	$630,300
INDIANA	Munster	$329,300	Evansville	$171,912	$157,388
IOWA	Des Moines	$247,000	Sioux City	$184,000	$63,000
KANSAS	Lawrence	$237,237	Wichita	$151,275	$85,962
KENTUCKY	Louisville	$243,634	Florence/Northern Kentucky	$209,000	$34,634
MAINE	Portland	$377,250	Augusta	$156,125	$221,125
MARYLAND	Bethesda/ Chevy Chase	$829,750	Hagerstown	$283,175	$546,575
MASSACHUSETTS	Boston	$1,260,000	Worcester	$340,966	$919,034
MICHIGAN	Ann Arbor	$346,250	Grayling/Roscommon	$149,600	$196,650
MINNESOTA	Edina	$404,150	Moorhead	$181,000	$223,150
MISSOURI	St. Louis	$254,700	Springfield	$168,872	$85,828
MONTANA	Bozeman	$281,350	Billings	$142,500	$138,850
NEBRASKA	Kearney	$200,375	Norfolk	$176,450	$23,925
NEVADA	Reno/Sparks	$440,817	Las Vegas	$359,500	$81,317
NEW HAMPSHIRE	Hanover	$498,125	Portsmouth	$335,966	$162,159
NEW JERSEY	Ridgewood	$829,500	Turnersville	$257,385	$572,115
NEW MEXICO	Santa Fe	$511,026	Albuquerque	$243,034	$267,992
NEW YORK	Rye	$869,125	Binghamton	$152,875	$716,250
NORTH CAROLINA	Wilmington	$286,650	Greensboro	$181,166	$105,484
NORTH DAKOTA	Fargo	$200,800	Minot	$133,266	$67,534
OHIO	Cincinnati	$244,250	Canton	$156,666	$87,584
OKLAHOMA	Oklahoma City	$185,000	Tulsa	$142,600	$42,400
OREGON	Medford	$387,500	Salem	$253,536	$133,964
PENNSYLVANIA	Center City Philadelphia	$574,567	Erie	$193,975	$380,592
RHODE ISLAND	Providence $520,000 *
SOUTH CAROLINA	Charleston	$307,400	Columbia	$190,058	$117,342
SOUTH DAKOTA	Rapid City	$194,850	Yankton	$149,521	$45,329
TENNESSEE	Nashville	$209,300	Knoxville	$175,520	$33,780
TEXAS	Dallas	$261,325	Killeen	$131,328	$129,997
UTAH	Salt Lake City	$262,117	Provo	$237,518	$24,599
VERMONT	Burlington	$338,750	Rutland	$288,750	$50,000
VIRGINIA	Alexandria	$776,399	Roanoke/Blacksburg	$220,942	$555,457
WASHINGTON	Bellevue	$566,330	Tri-Cities	$206,115	$360,215
WEST VIRGINIA	Charleston	$179,050	Beckley	$137,875	$41,175
WISCONSIN	Milwaukee	$331,000	Eau Claire	$164,225	$166,775
WYOMING	Cheyenne $221,838 *

The 2005 average price in the District of Columbia:

DISTRICT OF COLUMBIA

$727,250 *

The 2005 average price in the Commonwealth of Puerto Rico:

PUERTO RICO

$311,250 *

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

Province/Territory	Most Expensive	2005 Avg. Sales Price	Most Affordable	2005 Avg. Sales Price	*Variance*
ALBERTA	Calgary	$257,957	Edmonton	$249,939	$8,018
BRITISH COLUMBIA	Vancouver	$650,188	Burnaby	$395,915	$254,273
MANITOBA	Winnipeg $206,739 *
NEW BRUNSWICK	Moncton $153,041 *
NEWFOUNDLAND	St. John’s $167,616 *
NOVA SCOTIA	Halifax $178,469 *
ONTARIO	Toronto	$513,598	Brantford	$195,138	$318,460
PRINCE EDWARD ISLAND	Charlottetown $117,819 *
QUEBEC	Montreal $239,000 *
SASKATCHEWAN	Saskatoon $186,763 *
YUKON	Whitehorse $218,095 *

* Only one market included in the study.

Methodology – 2005 RE/MAX^Ò Home Price Comparison Index:

RE/MAX Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from RE/MAX offices throughout the United States, Puerto Rico and Canada. Companies within the RE/MAX system submitted data based on the average sales price of sold listings through July 2005 or a comparative market analysis of homes previously evaluated for the 2004 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately)², four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

About RE/MAX^®

Since 1906, the RE/MAX^® organization has been a premier provider of full-service real estate. In 2004, Franchise Times magazine’s prestigious Top 200 issue ranked RE/MAX number one in real estate and number eight among all franchisors. Additionally, the RE/MAX organization received the “Highest Overall Satisfaction For Repeat Home Buyers Among National Full Service Real Estate Firms” from the J.D. Power and Associates 2004 Home Buyer/Seller Satisfaction Study^SM. The study was based on responses from 4,977 home buyers and sellers. The study was conducted for Cendant Corporation by J.D. Power and Associates. The RE/MAX System has more than 3,900 residential and commercial real estate offices and 125,000 Sales Associates in 28 countries and territories. The RE/MAX System is a leader in the industry in residential real estate, and in niche markets such as resort, new homes and luxury properties through its RE/MAX Previews International^® division. It is a pioneer in consumer services with its RE/MAX Concierge^® Service Program and award-winning Web site, www..com. RE/MAX Mortgage is one of the largest telephone/web based lenders in the country and the RE/MAX Commercial^® network is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. RE/MAX Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD). ã 2005 RE/MAX Real Estate Corporation RE/MAX^® licensed to RE/MAX Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.

¹ The RE/MAX^® 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, RE/MAX Real Estate Corporation recommends that potential homebuyers and sellers conduct additional research and work with a reputable real estate professional on their specific needs.

²2,200 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.