CALIFORNIA LUXURY HOME VALUES INCREASE

The value of luxury homes in Los Angeles and San Diego posted record highs in the third quarter of 2004, while San Francisco values rose 13 percent compared to one year ago, according to the First Republic Prestige Home Index™.

The Index, which tracks homes valued at more than $1 million in key California markets, found that Los Angeles and San Diego values jumped 27.2 percent and 22.4 percent, respectively, from the third quarter of 2003, the largest year-over-year increases recorded by the Index for the two areas. The average luxury home in Los Angeles is now valued at $1.95 million, up $417,000 from a year ago, while San Diego luxury home values averaged $1.86 million, up $340,000 from a year ago.

San Francisco Bay Area values declined 0.5 percent from the second quarter of 2004, but were up 13.4 percent compared with a year ago. The average luxury home in the Bay Area is now valued at $2.53 million, slightly below the record set in the second quarter of 2004.

From December 8, 2004 C.A.R. Newsline

Reprinted with permission of the CALIFORNIA ASSOCIATION OF REALTORS®

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