Industry News

California’s luxury home markets see modest price gains

Cautious buyers slow sales, offers

Luxury home values posted slight gains in Los Angeles, San Diego and San Francisco in the third quarter of 2006, as housing markets overall continued to see a slip in sales. Values on homes worth more than $1 million were up 0.6 percent in Los Angeles from the previous quarter and up 5.4 percent from a year ago, according to an index released by First Republic Bank, a provider of wealth management and private banking services. The average luxury home in Los Angeles is now a record $2.37 million. San Diego values increased 1.9 percent from the second quarter, and gained 5.4 percent from a year ago. The average luxury home in San Diego is now a record $2.18 million. San Francisco Bay Area values increased 1.1 percent from the second quarter and gained 4 percent from a year ago. The average luxury home in San Francisco is now a record $2.96 million. "Luxury home values posted very modest increases in the third quarter in Los Angeles, San Diego and San Francisco," said Katherine August-d...

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