The Average Luxury Home In L

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S.f. luxury homes feeling the pain of housing slowdown - the housing slowdown hasn' t missed the high - end of the market - - luxury homes in the san francisco bay area registered a small 3 percent gain in the second quarter from the first quarter, according to the first republic prestige home index. By comparison, luxury homes in Los Angeles rose 3 percent from the first quarter and 18 percent from a year ago. That was the slowest pace of appreciation since the third quarter of 200 Homes priced at more than$ 1 million in the Bay Area gained 8 percent from the second quarter of 200 The region' s average luxury home is a record$ 93 million. "The luxury home market in California has transitioned to a more normal, stable market in which properties sell at a more measured and less frenetic pace, " said Katherine August - deWilde, chief operating officer at First Republic. "Luxury home values continue to increase but at a much slower rate due to rising inventory and interest rates. "Homes are being priced more aggressively to sell because buyers have more options, " she said.

The average luxury home in L. - san diego luxury home prices rose 8 percent from the first quarter and 4 percent from the second quarter of 200the average luxury home in san diego is also a record at$ 14 million. A. is a record$ 36 million. First Republic( NYSE: FRC) produces the quarterly Prestige Home Index with Fiserve CSW Inc. , an automated property valuation service used by financial institutions. Other real estate agents echoed her assessment. The survey results underscore the impact of a slowing housing market. "Certainly, the white - hot market of a year - and - a - half ago is gone, " said Michele Hall of Coldwell Banker Brentwood East office. Buyers are also moving to the sidelines anticipating that prices will fall. "Over$ 2 million, our inventory is up and buyers aren' t in a terrible hurry, " said Tara Rochlin of Village Associates in Orinda. "We' re seeing more sellers willing to negotiate and lower their prices. " Arnold Hakers writes for http: //www. luxhomies. net where you can find out more about http: //www. luxhomies. net" >luxury homes and other topics.