According to the National Association of Realtors website (https://www.nar.realtor/sites/default/files/documents/metro -home-prices-q3-2017-single-family-2017-11-02.pdf), the national median sales price for single-family

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According to the National Association of Realtors website (https://www.nar.realtor/sites/default/files/documents/metro -home-prices-q3-2017-single-family-2017-11-02.pdf), the national median sales price for single-family homes was $254,000 in 2018. Assume that the following data were obtained from samples of recent sales of single-family homes in St. Louis and Denver. 

Metropolitan Area Greater Than $254,000 Less Than Equal to $254,000 $254,000 St. Louis 32 18 Denver 13 1 27


a. Is the median sales price in St. Louis significantly lower than the national median of $254,000? Use a statistical test with α = .05 to support your conclusion. 

b. Is the median sales price in Denver significantly higher than the national median of $254,000? Use a statistical test with α = .05 to support your conclusion.

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Statistics For Business & Economics

ISBN: 9781337901062

14th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

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