In another sign of an expanding economic recovery, luxury home sales are once again one of the fastest growing segments within housing markets across the country.
The First Republic Prestige Home Index by First Republic Bank showed San Francisco Bay Area values climbed 10.4% from the third quarter of 2012 and 1.9% from the second quarter of 2013. The average luxury home in San Francisco is $3 million.
- Los Angeles area values rose 14% from the third quarter a year ago and 6.7% from the second quarter of 2013. The average luxury home in Los Angeles is $2.3 million.
- San Diego area values gained 13.5% year-over-year and 6% from the second quarter of 2013. The average luxury home in San Diego is almost $1.9 million.
- Town Residential’s Manhattan real estate sales report for the fourth quarter of 2013 showed quarterly upward pricing trends were driven by luxury sales and high-end condos.
A 5% increase in average luxury sales price taken in conjunction with a more than 16% year-over-year increase, suggest significant price movement for this category. The luxury market saw increases in average price per square foot, median price, and median price per square foot.
“Luxury home prices were strong both year-over-year and for the third quarter in San Francisco, Los Angeles and San Diego,” said Katherine August-deWilde, president and CEO of First Republic Bank. “Luxury communities in California’s urban coastal areas continue to experience limited inventory and strong demand from U.S. and foreign buyers.”
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