Luxury home values rose to all-time highs in three major California cities in the third quarter of 2005 compared to a year ago, according to an index that tracks luxury homes.
Los Angeles, San Diego and San Francisco all saw jumps in home prices, according to the First Republic Prestige Home Index by First Republic Bank.
Los Angeles values jumped 8.6 percent from the second quarter of 2005 to the third quarter of 2005 and rose 17 percent from the third quarter a year ago, the index said.
The average luxury home in Los Angeles is now a record $2.28 million, up $331,000 from a year ago. Values have posted 11 straight quarters of double-digit, year-over-year gains, according to the index.
San Diego values increased 2.9 percent from the second quarter of 2005 to the third quarter of 2005, and were up 11.6 percent from the third quarter a year ago, the index said.
The average luxury home in San Diego is now $2.07 million, up $215,000 from a year ago. Values have posted seven consecutive quarters of double-digit, year-over-year gains, according to the index.
San Francisco Bay Area values rose 1.8 percent from the second quarter of 2005 to the third quarter of 2005 and gained 12.9 percent from a year ago, the index said.
San Francisco luxury home values remain the highest in the state at a record $2.85 million, up $327,000 from the third quarter of 2004. Values have posted six quarters in a row of double-digit, year-over-year gains, according to the index.
“Luxury home prices in California set records again in the third quarter of 2005, although there are clear signs of a slowing trend,” said Katherine August-deWilde, chief operating officer of First Republic Bank. “Throughout California, luxury home values and activity are expected to moderate as the market takes a breather after a prolonged period of significant appreciation.”
First Republic Bank produces the Prestige Home Index each quarter with Fiserv CSW Inc., a leading provider of automated property valuation services and home price metrics to U.S. financial institutions.
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