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Luxury homes in Pasadena see heightened prices in Q2

4 Sep 2013 4:55 PM
Home values rising in Santa Ynez

Across California, upscale communities are continuing to see housing prices increase.

Owners of luxury homes have been able to observe their properties' resale values rise, and the trend of appreciation could very well be seen for the next several months. If you've been waiting for a good time to purchase a vacation house, or add to your collection of lavish Pasadena real estate, you may want to act soon. 

According to the latest First Republic Prestige Home Index released by First Republic Bank, the city within Los Angeles County saw housing values tick up more than 6 percent during the second quarter when compared to the same period last year. In addition, prices rose more than 3 percent from the preceding quarter's levels. By the end of June, the average luxury property within the greater metropolitan area was nearly $3 million. 

The financial organization's president and chief operating officer, Katherine August-deWilde, said that the second quarter of 2013 was one of the most successful in past years for many housing markets that boast multimillion-dollar properties.

"This was one of the best quarters in recent history for California luxury home prices," said August-deWilde. "Limited inventory and growing demand from both U.S. and international buyers are driving the market. Many properties generated multiple offers. It was a very strong quarter."

California home sales, prices tick higher in July
The pattern seen in the first half of 2013 was again observed during the first month of this year's third quarter, as both home sales and prices continued to increase across the state.

The California Association of Realtors recently reported that in July, the market reached the highest level on record since May 2012. Statewide, sales were up 7 percent month-over-month, with a total of 443,520 finalized housing transactions. Year-over-year, sales figures improved 1.5 percent, marking the first annual increase since December 2012. 

Of those transactions completed in July, 37 percent were for single-family homes that cost more than $500,000, according to the industry group. This points toward considerable growth in the Golden State's market, as during the same time last year, such sales accounted for just 26 percent of all residential purchases.