This study examines race and housing prices in three separate areas in New York City and its suburbs to determine the degree to which race affects housing prices differently in different parts of the metropolitan area. Special attention is paid to the issues of different racial behavior in the different neighborhoods and lags in adjustment to equilibrium by blacks and whites in the housing market. Specific factors addressed include ghetto expansion, white flight, and ghetto-white interior price differentials. Other variables considered include dwelling unit size, housing quality, public housing subsidies, length of tenure, and the influence of neighborhood characteristics on housing discrimination. Findings concerning each of the sample areas are provided and some general conclusions are made. Tables showing statistical data are included. (EB)