California Luxury Home Values Increase in 2005... duh

Luxury home values rose to all-time highs in Los Angeles, San Diego and San Francisco in 2005 on the strength of double-digit gains, but appreciation slowed significantly in the fourth quarter, according to the First Republic Prestige Home Index™ by First Republic Bank, one of California's leading providers of full-service banking, investment management, and trust services.

The Index, which has tracked luxury homes since 1985, found:

-- Los Angeles values rose 0.7% from the third quarter of 2005 to the fourth quarter of 2005 and rose 16% for the year. The average luxury home in Los Angeles is now a record $2.29 million, up $316,000 from a year ago.

-- San Diego values rose 0.7% from the third quarter of 2005 to the fourth quarter of 2005 and were up 13.3% for the year. The average luxury home in San Diego is now a record $2.09 million, up $245,000 from a year ago.

-- San Francisco Bay Area values rose 1% from the third quarter of 2005 to the fourth quarter of 2005 and gained 13.2% for the year. The average luxury home in San Francisco is now a record $2.88 million, up $336,000 from a year ago.