San Francisco luxury home prices fell slightly in the second quarter, but luxury values continued to rise in Southern California, according to First Republic Bank.The average price of a luxury home -- defined as a home worth more than $1 million -- was $2.18 million in the Bay area, down 0.1% from one year ago. The second quarter was the region's third consecutive quarter of luxury price contraction. But prices rose to an all-time high in San Diego, where the $1.46 million average was 3.6% higher than the average of a year earlier. Los Angeles luxury home prices rose even more dramatically, gaining 12.9% over the same period. LA's $1.46 million average was its highest since 1992.
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