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23:12 January 9th, 2008

Median price

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Posted by: The Good, the Bad, & the Ugly Editor
Tags: The Good, the Bad, and the Ugly

Manhattan housing prices at record high

The median price — the midway point between the highest and lowest sales prices — rose to $850,000, up 6.4 percent from a year earlier, according to the Prudential report.

The definition given for “Median” price was quite wrong. It’s the price that half of all sales are above and half are below. It’s not related to the highest and lowest prices.

Ken

We corrected: GBU Editor

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