Question

The National Association of Realtors provided data showing that home sales were the slowest in 10 years (Associated Press, December 24, 2008). Sample data with representative sales prices for existing homes and new homes follow. Data are in thousands of dollars:
a. What is the median sales price for existing homes?
b. What is the median sales price for new homes?
c. Do existing homes or new homes have the higher median sales price? What is the difference between the median sales prices?
d. A year earlier the median sales price for existing homes was $208.4 thousand and the median sales price for new homes was $249 thousand. Compute the percentage change in the median sales price of existing and new homes over the one-year period.
Did existing homes or new homes have the larger percentage change in median sales price?


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  • CreatedSeptember 20, 2015
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