Assume that in January $2023,$ the average house price in a particular area was $$407,500.$ In January $2002,$ the average price was $$192,000.$ What was the annual increase in the price of the average house sold?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Annual increase in selling price