Mark Twain is credited with popularizing the phrase, “Lies, damned lies, and statistics”. Obviously, he was aware how data can be manipulated, misleading and needs to be understood in the proper context. In real estate, we deal with statistics on a daily basis. In an effort to understand trends, we encounter the terms “average sales price” and “median sales price”. Both of them use the same set of data. Its just how you look at the data so it is useful to understand the difference between the two terms.
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