U.S. Home Prices Rise 6.2% in 4th Quarter

Prices for single-family homes in the U.S. rose 6.2% in the fourth quarter, the National Assn. of Realtors said.

The median existing-home price rose to $148,000, from $139,300 a year earlier, according to the Washington-based trade group’s survey of 120 metropolitan areas.

In California, the median price of an existing single-family detached home hit a record during the fourth quarter, rising 13.9% to $286,410, the California Assn. of Realtors said. For the year, the median price of an existing single-family home was $265,480, a 10% gain over 2000.

Closed escrow sales of existing single-family detached homes in the state fell 8% to 487,760 in the fourth quarter from 530,410 a year ago. As expected, sales for all of 2001 fell 5.8% to 504,430 from a year ago.