Luxury home prices in Los Angeles, San Diego and San Francisco increased significantly during the first quarter of 2005, according to the First Republic Prestige Home Index™.
The Index, which tracks homes valued at more than $1 million in key California markets, shows that the value of high-end homes in Los Angeles jumped 23.1 percent compared with first quarter of 2004, marking the ninth consecutive quarter of double-digit gains on a year-over-year basis. Additionally, the value of luxury homes in Los Angeles topped $2 million for the first time.
The prices of luxury homes in San Diego and San Francisco also recorded double-digit gains during the first quarter, rising 20.4 percent and 13.9 percent, respectively. According to the index, the average luxury home in San Diego now stands at a record $2 million, while the average luxury home value in San Francisco has exceeded the record highs set in the late 1990s, reaching $2.7 million during the first quarter of 2005.
Posted by gandlwoods at May 31, 2005 08:31 AM