Luxury Home Values Reach Highest Level

SAN DIEGO-In an indicator of the region’s growing corporate wealth and strong economic foundation, San Diego County luxury home values rose during the third quarter to their highest level since 1992, according to a new report.

Prices rose 6.2% during the quarter — the largest increase among California’s major cities and the second-highest since First Republic Bank started keeping statistics in 1985. The average cost of San Diego County luxury homes is now $1.39 million, according to the bank.

The value of luxury homes in Los Angeles County increased 2.4% to $1.31 million. The value of similar homes in San Francisco — home to the nation’s most affluent housing — fell 7.5% to $2.21 million.

Values of luxury homes in San Diego County have grown more than 21% over the last four quarter, according to First Republic index.

The index tracks resale values of property in high-end locations including Carlsbad, Coronado, Del Mar, La Jolla, Poway, Rancho Santa Fe, and Solana Beach, among other areas.