The mean and median selling price of existing single-family homes sold in October 2005 were $215,000 and $265,000. (From the National Association of Realtors)

Which of these numbers is the mean and which is the median? Explain how you know.

Question

The mean and median selling price of existing single-family homes sold in October 2005 were $215,000 and $265,000. (From the National Association of Realtors)

Which of these numbers is the mean and which is the median?  Explain how you know.

Vocaloid · Answer

Consider the data set. There's a few very high outliers like 100 million dollar mega-mansions which will pull the mean (but no the median) up. So the lower value is probably the median and the higher value is probably the mean.