Luxury home values in San Francisco, Los Angeles and San Diego climbed in the second quarter of 2013 compared to a year ago, according to the First Republic Prestige Home Index published by First Republic Bank (FRC).
San Francisco Bay area values increased 10.9% from the second quarter of 2012 and 5% from the first quarter of 2013, with the average luxury home in San Francisco hitting $2.9 million.
Meanwhile, further south, Los Angeles area values rose 6.1% from the second quarter of last year and 3.3% from the first quarter of 2013, with the average luxury home posting a price of $2.1 million.
San Diego area home values increased 8% year-over-year and 4.9% from the first quarter of 2013, while the average luxury home came in at $1.7 million.
"This was one of the best quarters in recent history for California luxury home prices in First Republic’s urban, coastal markets," said Katherine August-deWilde, president and chief operating officer of First Republic Bank.
"Limited inventory and growing demand from both U.S. and international buyers are driving the market. Many properties generated multiple offers. It was a very strong quarter," she added.
