ScholarMatic: Explanation & Answer
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House Pricing and Resale Value
Problems
The national median sales price
for new single-family homes is $230,000 (The Associated Press, March 25, 2006).
Assume that the following data were obtained for sales of existing
single-family homes in Houston and Boston.
Greater than $230,000 Equal to $230,000 Less than $230,000
Houston 11 2 32
Boston 27 1 13
a. Is the median resale price in Houston
lower than the national median of $230,000? Use a statistical test with ? =
0.05 to support your conclusion
b. Is the median resale price in
Boston higher than the national median of $230,000? Use a statistical test with
? = 0.05 to support your conclusion
ScholarMatic: Explanation & Answer
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