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The average home sale price rose 9%, or $12,543, last year, he said. That increase, going from $139,171 in 2019 to $151,714 this past year, was the largest year-over-year price increase and the highest price since local statistics have been collected, dating back to 1998, according to the Realtors group.
Brown said that the pandemic has created more remote work environments for some, meaning that families have been searching for a bigger space to accommodate their needs.
Mortgage rates fell to record lows 16 times throughout 2020. The average 30-year fixed mortgage rate started out at three-year low of 3.51% in January and broke its own record three times in December. It fell to 2.66% by the end of the year.