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I think the public is largely aware of the difference since housing prices are often reported using the median. Intuitively, everyone knows that median housing
by rodionos 9y ago
I think the public is largely aware of the difference since housing prices are often reported using the median. Intuitively, everyone knows that median housing price is the price of a 'regular' (most frequently sold) house in a given area.
- ganley 9y agoI'm not at all sure that's true. That is, I agree that many people probably understand that mean and median are both things, but suspect that a minority of them understand how and why they are different, or when and why one makes more sense than the other.
- xmj 9y agoThe most regularly encountered house price at sale would be the mode. Median is the value at which 50% of houses trade higher as well as lower.