The mean and median selling price of existing single-family homes sold in Octobe

Question

The mean and median selling price of existing single-family homes sold in October 2005 were 216,200 US Dollars and 265,000 US Dollars. (From the National Association of Realtors, www.realtor.org.) Which of these numbers is the mean and which is the median? Hint: Think about how the distribution of housing prices might look. Wouid it be symmetric or skewed? How will that affect the mean? mean = $ median S Explain how you know The distribution of housing prices will be symmetric. The distribution of housing prices wl be left-skewed so the mean will be lower The distribution of housing prices will be left-skewed so the median will be higher The distribution of housing prices will be right-skewed so the mean will be highe

Explanation / Answer

The distribution of housing prices would most probably be right skewed and hence, mean will be greater than the median.

Therefore,

Mean = $ 265000

Median = $ 216200

Option D is correct.

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