Question

Due to a crisis in subprime lending, obtaining a mortgage has become difficult even for people with solid credit. In a report by the Associated Press (August 25, 2007), sales of existing homes fell for a 5th consecutive month, while home prices dropped for a record 12th month in July 2007. Mayan Horowitz, a research analyst for QuantExperts, wishes to study how the mortgage crunch has impacted the once-booming market of Florida. He collects data on the sale prices (in $1,000s) of 25 single-family homes in Fort Myers, Florida, in January 2007 and collects another sample in July 2007. For a valid comparison, he samples only three-bedroom homes, each with 1,500 square feet or less of space on a lot size of 10,000 square feet or less. A portion of the data is shown in the accompanying table; the entire data set, labeled Fort_Myers_Sales, can be found on the text website.


In a report, use the sample information to:
1. Compare the mean, the median, and the mode in each of the two sample periods.
2. Compare the standard deviation and the coefficient of variation in each of the two sample periods.
3. Discuss significant changes in the housing market in Fort Myers over the 6-monthperiod.


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  • CreatedJanuary 28, 2015
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