Prices of luxury homes in California increased in 1998, according to a survey by a bank here.

The San Francisco Bay area had the largest gain and ended the year at a record high, according to the Republic Prestige Home Index compiled by First Republic Bank. Los Angeles and San Diego luxury home values reached their highest yearend levels since 1995, the index found.

The average value of a San Francisco Bay-area luxury home hit $1.5 million at yearend 1998, a 17% jump from 1997, the index said. Luxury homes in the Los Angeles area hit $1.1 million at the end of 1998, a 7.6% increase from 1997.

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