NAR Median Home Price by Metro Area

I went to the National Association of Realtor’s website today and found a lot of newly released reports on the Median Home prices by Metro Area.

Mean vs Median:  A mean is calculated by adding up all the values in a distribution and then dividing the sum by the total number of values contained in that distribution. To find a median value, one takes all of the values in the distribution, sorts in ascending order, lines them up and finds the middle value.

They sound similar, and in may instances, there is not much difference between the two values. But the reason NAR concentrates on the median instead of the mean is because the mean value calculation has a limitation that can prevent it from reflecting an “average.” In calculating home sales price statistics this limitation occurs when the sale price of one home varies greatly from the remainder of the homes. This can skew the average.

The reason NAR concentrates on the median instead of the mean is because the mean value calculation has a limitation that can prevent it from reflecting an “average.” In calculating home sales price statistics this limitation occurs when the sale price of one home varies greatly from the remainder of the homes. This can skew the average.

For a interactive map, click on this link: Market Median Home Price map

For the 2009 4th Quarter Median Sales Price of Existing Single Family Homes by Metro Area Report, click on this link: http://www.realtor.org/wps/wcm/connect/7ec35f80415d4c56a9d1b908069f8e0c/rel09q4t.doc?MOD=AJPERES&CACHEID=7ec35f80415d4c56a9d1b908069f8e0c

For the 2009 4th Quarter Median Sales Prices of Exisiting Condos/Co-ops by Metro Area Report, click on the following link:  http://www.realtor.org/wps/wcm/connect/5bcc3f00415d4928a9aab908069f8e0c/rel09q4ct.doc?MOD=AJPERES&CACHEID=5bcc3f00415d4928a9aab908069f8e0c