"I am satisfied that enough votes have been counted to determine that I will not be representing the citizens of the 7th Congressional District during the 113th Congress. It was a tough campaign and I accept the outcome," Lungren wrote in a statement.
"I congratulate Dr. Bera in his victory and I wish him well as he accepts this new challenge. It is my hope that Dr. Bera approaches Congress, as have I, with a humble heart, respect for the institution and a desire to perform his duties in the best interest of the people he represents and the country."
The latest results for the 7th Congressional District showed Bera with 51.11 percent of the vote and Lungren with 48.89 percent. The race has been watched nationwide because it was so competitive and expensive.
With votes still being counted, the Associated Press called the race for Bera Thursday but Lungren waited to concede.
Lungren's defeat comes after a long career in politics marked by both wins and losses. Lungren, 66, won a race against Bera in 2010 and has represented the Sacramento region in Congress since January 2005. He represented a Southern California district for a decade in the late 1970s and 1980s. In the 1990s, he served eight years as California's Attorney General, then lost a bid for governor in 1998.
A timeline of Lungren's career is here.
See complete coverage of the Lungren-Bera race here.
PHOTO CREDIT: Republican Rep. Dan Lungren looks over his ballots after voting Nov. 6 at Gold River Discovery Center School in Gold River. (The Sacramento Bee, Randy Pench)