2021-01-12
2020 Single-Family Home Prices up 11.8%
The rate of price increases moderated in 2018 and 2019,
and it seemed like another year of moderation was in order
for 2020. But conditions changed as the mortgage rate
dropped from 3.45% in March to a historic low of 2.67%
in December. The in rates was due to the Federal
Reserve’s response to COVID-19. The Fed cut rates to
avert a deep national recession. Lower interest produced
a strong surge in demand for housing pushing up prices.
In 2020 the median sales price of a, single-family home
in Salt Lake County increased by 11.8% to $425,000
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