NAR’s 4th Quarter Home Sales Report [INFOGRAPHIC]
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I think the public just sees 10% increase, and doesnt realize the difference between “average” and “median” sale price…..they just think cha ching in my pocket…
I think this is a very misleading Infographic – especially in the New Jersey market. Unfortunately, sellers see this and think they can ask unrealistic prices!
Pat is right about the difference between Average and Median. The median is the middle value of numbers arranged in numerical order. Example: 5, 8, 3, 14, 55, 3, 6, 8 1 . — Put them in numerical order first. 1, 3, 3, 5, 6, 8, 8, 14, 55 — Now look at the middle number: It’s “6”. The average (aka the “mean”) of these would be 16.4. So, as prices of homes rise, the middle number (median) in the range will rise. According to the NAR report, “The national median existing single-family home price was $178,900 in the fourth quarter, up 10.0 percent from $162,600 in the fourth quarter of 2011”.
Great comments! Every buyer and seller should contact their local real estate professional to determine how these national numbers apply (or don’t apply) to their market.
good report on home sales in the US