House prices: The following table presents prices, in thousands of dollars, of single-family homes for 20...

House prices: The following table presents prices, in thousands of dollars, of single-family homes for 20 of the 25 largest metropolitan areas in the United States for the third quarter of 2012 and the third quarter of 2013.

Metro Area	2012	2013	Metro Area	2012	2013
Atlanta, GA	87.8	115.1	Philadelphia, PA	193.5	197.7
Baltimore, MD	218.1	226.5	Phoenix, AZ	129.9	169.0
Boston, MA	311.5	332.2	Portland, OR	208.6	246.5
Chicago, IL	157.2	159.4	Riverside, CA	174.3	216.7
Cincinnati, OH	112.5	121.0	St. Louis, MO	103.7	111.0
Cleveland, OH	84.9	101.0	San Diego, CA	359.5	412.3
Dallas, TX	148.2	160.4	San Francisco, CA	448.0	593.9
Denver, CO	226.4	261.2	Seattle, WA	265.4	312.6
Minneapolis, MN	147.3	170.6	Tampa, FL	131.9	141.8
New York, NY	363.8	368.2	Washington, DC	311.6	348.7

Source: National Realtors Association

(a) Find the mean and median price for 2012. Round the answers to at least two decimal places.

(b) Find the mean and median price for 2013. Round the answers to at least two decimal places.

(c) In general, house prices increased from 2012 to 2013. Which increased more, the mean or the median?

Solutions

Expert Solution

milcah answered 8 months ago

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