Industry News

Price appreciation slows for high-end homes

Pace of luxury real estate sales reaches 'normal' level

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Luxury home values rose 3 percent in Los Angeles from the first quarter of 2006 to the second quarter and climbed 12.8 percent from a year ago, according to a quarterly report by First Republic Bank. The First Republic Prestige Home Index also showed that the average home in Los Angeles is worth $2.36 million, up $268,250 from a year ago. Luxury home values increased 0.1 percent in the first quarter and 0.7 percent in fourth-quarter 2005 in Los Angeles. San Diego values grew 1.8 percent from the first quarter of 2006 to the second quarter of 2006 and were up 6.4 percent from a year ago. Values increased 0.9 percent in the first quarter and 0.7 percent in fourth-quarter 2005.The average luxury home in San Diego reached a record $2.14 million in the second quarter, up $128,372 from a year ago. San Francisco Bay Area luxury home values increased 0.3 percent from the first quarter of 2006 to the second quarter and rose 4.8 percent from a year ago, First Republic also announced. The avera...