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With the downturn in the economy that happened a few years ago, there has been intense media scrutiny on housing prices across the country. The median price of a home is used much more extensively in reports than the average (mean) price of a home. There are several reports at the U.S. Census Bureau that gives new residential sales of homes sold in United States from January1963. For this discussion please compare the long term changes in housing costs from the Census Bureau using this spreadsheet from 2020. US_Price_Customer (excel) Note that the mean (average) home price is typically higher than the median home price. Give some possible reasons why the median home price is lower than the mean home price. What would the distribution of home prices look like? Is the distribution more likely to be skewed left, skewed right, or roughly symmetric? Why? Give an example of another measurement of a quantitative variable where it is likely that the mean is larger than the median.


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