What is Median Price, and just what does it mean?
Can you define “seasonally adjusted?” Newspaper articles and online searches may answer some of these questions, but understanding real estate terminology will make selling your home or searching for a new one much easier to understand. In order to help you understand some of the real estate jargon, here are a few definitions for you to ponder. Median price can be defined as the midpoint of all the prices of homes sold in a given area during a specified period of time. The median price is often a major indicator in the strength of the housing market. The midpoint means that half of the homes sold for less than that amount and half sold for more than the amount. Although it is normally a close indicator, the median is not the same as the average sales price. The average is figured by totaling all of the sales prices and dividing the sum by the number of homes sold. The median price can be easily affected by the types and sizes of homes sold as well as price trends. For example, if sever
