The Morning Report
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Here’s some more news of rising prices, this time for the top echelons of the housing market.
Luxury homes in San Diego County posted their first increase in more than two years. In a new report, First Republic Bank calculated that San Diego luxury homes rose a slight 0.7 percent between the third and fourth quarters last year.
The index measures price changes in a cross-section of homes that are worth at least $750,000, usually measuring 3,000 to 6,000 square feet and having between three and six bedrooms and bathrooms.
Prices were still down in the fourth quarter compared to the fourth quarter 2008, unlike the overall market as measured by yesterday’s Case-Shiller index.
Now, San Diego values are at approximately the same level as they were in the second quarter of 2004.
— KELLY BENNETT