House pricing and resale value problems

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Reference no: EM13109174

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

Reference no: EM13109174

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