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    Deriving and Presenting Descriptive Statistics

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    Make believe that you are a real estate agent in Florida, and that you are working with a retired couple from out of state. The couple is considering purchasing a retirement home in Boca Raton. In order to make informed decisions about buying a house, they first need to understand the Boca Raton real estate market.

    For this discussion, identify what you consider to be the three most significant or descriptive home parameters (that is, price mean, price mode, home size mean, home size mode, and so on) to give your clients an understanding of the Boca market, and justify your selection. Draw on the results that you generated in this unit's assignment, using the Florida Pool Data file to help support your perspective if you wish.

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    Solution Preview

    When purchasing a home, the three most significant home parameters are
    - median home price
    - mode number of bathrooms
    - mean square footage

    First, we need to understand the difference between mean, median and mode. The mean is the average. It is computed by adding all the values and dividing by the number of values. The median is the middle value. It is computed by first arranging all the values in order; the middle value is known as the median. The mode is the most frequently occurring value.

    The median home price is more descriptive than the mean home price. This is ...

    Solution Summary

    Answered in 420 words. An explanation of each of the three selections is given.