Question

The housing market has homes priced wildly differently with most to fit the affordability of the “middle class” and a select few homes priced for the “1 percent”. Present an argument as to why the real estate market would prefer to describe the housing market pricing based on the median price to prospective buyer. (include thoughts on the type of skew (left, symmetric, right), Mean, Median, and Mode in your description.)

Answer 1

Since the prices are wildly different and a few prices for the "1 percent" that means the distribution of prices is left-skewed as the mean of the prices would likely to be on the left side of the median hence the real estate market would prefer to describe the housing market pricing based on the median price to prospective buyer because median is the best measure of central tendency for skewed data. The mode would not be a better measure as well because of the differences between prices.