sales price: Why "Median Sales Price" Reports Aren't Helpful For Housing Markets
- 05/12/08 08:48 AM
Each month, the Commerce Department and the National Association of REALTORS release national housing data. The former's release is called the New Residential Sales report and the latter's is called the Existing Home Sales report. Both reports highlight the "median sales price", the point at which half of the homes in the U.S. sold for more, and half sold for less. Last month, the median sales prices were as follows: Existing homes: Down 8.2 percent New homes: Down 2.7 percent The very definition of "median", however, makes this data point useless for national housing statistics. If a large amount of homes … (0 comments)
Each month, the Commerce Department and the National Association of REALTORS release national housing data. The former's release is called the New Residential Sales report and the latter's is called the Existing Home Sales report. Both reports highlight the "median sales price", the point at which half of the homes in the U.S. sold for more, and half sold for less. Last month, the median sales prices were as follows: Existing homes: Down 8.2 percent New homes: Down 2.7 percent The very definition of "median", however, makes this data point useless for national housing statistics. If a large amount of homes … (0 comments)
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