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Respond to this discussion board postst, measures of locations that can be useful when purchasing a home are median and mode. The median is described
Respond to this discussion board postst, measures of locations that can be useful when purchasing a home are median and mode. The median is described as "the measure of location that specifies the middle value when the data are arranged from least to greatest" (Evans,2013). This means outliers would not affect the median and therefore not skew data like the mean does. For example, when we are looking at a neighborhood, there can be a wide range of pricing. A house can sell for $300,000 and the neighboring house can sell for $650,000. Due to pricing ranging from any price point depending on the house value, the median can really set the tone and provide reliable data of what the average home is selling for in that neighborhood without a "top price" home skewing data. In addition, the mode is a fantastic way to view what price point is common for a certain area and time of purchase. A way to view this is gathering comps for a single-story home with 3 bedrooms and 2 baths. What did these houses sell for at this specific neighborhood? What was the average price paid for these homes? The mode is the number
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