Refer to the Real Estate data below, which reports information on homes sold in
ID: 3271030 • Letter: R
Question
Refer to the Real Estate data below, which reports information on homes sold in the Goodyear, Arizona area during the last year. Prepare a report on the selling prices of the homes
a) around what values do the data tend to cluster?
b) what is the mean selling price?
c) what is the median selling price?
d) is one meausre more representative of the typical selling prices than the others?
e) what is the range of selling prices?
f) what is the standard deviation?
g) about 95% of the selling prices are between what two values?
Goodyear Real Estate Price Bedrooms Size Pool Distance Twnship Garage Baths 263.1 4 2300 0 17 5 1 2 182.4 4 2100 1 19 4 0 2 242.1 3 2300 1 12 3 0 2 213.6 2 2200 1 16 2 0 2.5 139.9 2 2100 1 28 1 0 1.5 245.4 2 2100 0 12 1 1 2 327.2 6 2500 1 15 3 1 2 271.8 2 2100 1 9 2 1 2.5 221.1 3 2300 0 18 1 0 1.5 266.6 4 2400 1 13 4 1 2 292.4 4 2100 1 14 3 1 2 209 2 1700 1 8 4 1 1.5 270.8 6 2500 1 7 4 1 2 246.1 4 2100 1 18 3 1 2 194.4 2 2300 1 11 3 0 2 281.3 3 2100 1 16 2 1 2 172.7 4 2200 0 16 3 0 2 207.5 5 2300 0 21 4 0 2.5 198.9 3 2200 0 10 4 1 2 209.3 6 1900 0 15 4 1 2 252.3 4 2600 1 8 4 1 2 192.9 4 1900 0 14 2 1 2.5 209.3 5 2100 1 20 5 0 1.5 345.3 8 2600 1 9 4 1 2 326.3 6 2100 1 11 5 1 3 173.1 2 2200 0 21 5 1 1.5 187 2 1900 1 26 4 0 2 257.2 2 2100 1 9 4 1 2 233 3 2200 1 14 3 1 1.5 180.4 2 2000 1 11 5 0 2 234 2 1700 1 19 3 1 2 207.1 2 2000 1 11 5 1 2 247.7 5 2400 1 16 2 1 2 166.2 3 2000 0 16 2 1 2 177.1 2 1900 1 10 5 1 2 182.7 4 2000 0 14 4 0 2.5 216 4 2300 1 19 2 0 2 312.1 6 2600 1 7 5 1 2.5 199.8 3 2100 1 19 3 1 2 273.2 5 2200 1 16 2 1 3 206 3 2100 0 9 3 0 1.5 232.2 3 1900 0 16 1 1 1.5 198.3 4 2100 0 19 1 1 1.5 205.1 3 2000 0 20 4 0 2 175.6 4 2300 0 24 4 1 2 307.8 3 2400 0 21 2 1 3 269.2 5 2200 1 8 5 1 3 224.8 3 2200 1 17 1 1 2.5 171.6 3 2000 0 16 4 0 2 216.8 3 2200 1 15 1 1 2 192.6 6 2200 0 14 1 0 2 236.4 5 2200 1 20 3 1 2 172.4 3 2200 1 23 3 0 2 251.4 3 1900 1 12 2 1 2 246 6 2300 1 7 3 1 3 147.4 6 1700 0 12 1 0 2 176 4 2200 1 15 1 1 2 228.4 3 2300 1 17 5 1 1.5 166.5 3 1600 0 19 3 0 2.5 189.4 4 2200 1 24 1 1 2 312.1 7 2400 1 13 3 1 3 289.8 6 2000 1 21 3 1 3 269.9 5 2200 0 11 4 1 2.5 154.3 2 2000 1 13 2 0 2 222.1 2 2100 1 9 5 1 2 209.7 5 2200 0 13 2 1 2 190.9 3 2200 0 18 3 1 2 254.3 4 2500 0 15 3 1 2 207.5 3 2100 0 10 2 0 2 209.7 4 2200 0 19 2 1 2 294 2 2100 1 13 2 1 2.5 176.3 2 2000 0 17 3 0 2 294.3 7 2400 1 8 4 1 2 224 3 1900 0 6 1 1 2 125 2 1900 1 18 4 0 1.5 236.8 4 2600 0 17 5 1 2 164.1 4 2300 1 19 4 0 2 217.8 3 2500 1 12 3 0 2 192.2 2 2400 1 16 2 0 2.5 125.9 2 2400 1 28 1 0 1.5 220.9 2 2300 0 12 1 1 2 294.5 6 2700 1 15 3 1 2 244.6 2 2300 1 9 2 1 2.5 199 3 2500 0 18 1 0 1.5 240 4 2600 1 13 4 1 2 263.2 4 2300 1 14 3 1 2 188.1 2 1900 1 8 4 1 1.5 243.7 6 2700 1 7 4 1 2 221.5 4 2300 1 18 3 1 2 175 2 2500 1 11 3 0 2 253.2 3 2300 1 16 2 1 2 155.4 4 2400 0 16 3 0 2 186.7 5 2500 0 21 4 0 2.5 179 3 2400 0 10 4 1 2 188.3 6 2100 0 15 4 1 2 227.1 4 2900 1 8 4 1 2 173.6 4 2100 0 14 2 1 2.5 188.3 5 2300 1 20 5 0 1.5 310.8 8 2900 1 9 4 1 2 293.7 6 2400 1 11 5 1 3 179 3 2400 1 8 4 1 2 188.3 6 2100 0 14 2 1 2.5 227.1 4 2900 1 20 5 0 1.5 173.6 4 2100 1 9 4 1 2 188.3 5 2300 1 11 5 1 3Explanation / Answer
Solution:
a) The distribution is symmetric about $220,000
b) The mean selling price of $221,100
c) The median selling price of $213,600.
d) Both measures are close.
e) The range is $220,300, found by $345,300-125,000.
f) The standard deviation is $47,110.
g) About 95 percent of the selling prices $126,880 and $315,320; found by $221,100 plus or minus 2($47,110).