The price of luxury housing in major California cities has risen to all-time high in recent months despite clear signs of a slowing trend, a financial institution said Monday.

Luxury home prices in Los Angeles, San Diego and San Francisco set records again in the third quarter of 2005, according to a statement by the San Francisco-based First Republic Bank.

But while Los Angeles remains strong, there are signs of slowing in other areas in the state as the market takes a breather after a prolonged period of significant appreciation, it added.

"Throughout California, luxury home values and activity are expected to moderate," said First Republic Bank Chief Operating Officer Katherine August-deWilde.

Los Angeles values jumped 8.6 percent from the second quarter of 2005 to the third quarter of 2005 and 17 percent from the third quarter a year ago, according to the bank.

It said that after 11 straight quarters of double-digit, year- over-year gains, the average luxury home price in Los Angeles is now at a record 2.28 million dollars, up 331,000 dollars from a year ago.

Values have posted 11 straight quarters of double-digit, year- over-year gains, according to a First Republic statement.

Luxury home values in Los Angeles continued to appreciate faster than anywhere else in the state on the strength of the entertainment industry and the overall diversity of the region's economy, according to the First Republic Bank.

In San Diego, values increased 2.9 percent from the second quarter of 2005 to the third quarter of 2005 and were up 11.6 percent from the third quarter a year ago.

That increase was the smallest gain in the past seven quarters, but despite the deceleration, luxury homes in San Diego have nearly doubled in the past five years, the bank reported.

The average luxury home in San Diego is now 2.07 million dollars,up 215,000 dollars from a year ago, after seven consecutive quarters of double-digit, year-over-year gains.

While in San Francisco Bay area, luxury home values remain the highest in California at a record 2.85 million dollars, up 327,000 dollars from a year ago.

The prices in the Bay area rose 1.8 percent in the third quarter this year and gained 12.9 percent from a year ago.

Source: Xinhua