Höfl-Riesch clocked 1:55.09 to win by 0.34 seconds from Liechtenstein's Tina Weirather, with Austria's Anna Fenninger in third, 0.47 seconds off the pace.
"The slope was faster today but my run wasn't as clean as yesterday", said the German winner.
"I lost a little bit of time in the middle section, but my performance today was still good enough for the win, so I am really satisfied."
Lindsey Vonn came in 11th, and was pleased with her efforts.
“Today's performance is a great step forward,” she admitted.
“I could be much more aggressive on the course. I still made a couple of mistakes but I'm really happy with the run I put together today. It gives me confidence for sure to bring into tomorrow's [Super G] race.”