Question

Here are the prices (in thousands) for 9 houses for sale in a local neighborhood: $160, $295, $298, $299, $300, $302, $308, $312, $314

Which measure should be used to summarize the data?
A. mean B. Median C. Mode
Please help!
I think it might be B.

Answer 1

The mean will be skewed downward by that $160 outlier. All of the other prices lie near $300, so I'd go with the median value.

Since no price occurs more than once, the mode is useless.