A Real Estate Appraiser Is Gathering Housing Sales Data by Street

question 81

Essay

A real estate appraiser is gathering housing sales data by street in the neighborhood in preparation for his next job.Listed below are the six streets and the average sales price and the houses sold in the last 12 months.Calculate the mean sales price for the neighborhood.
$\begin{array} { | l | c | r | } \hline \text { Street } & \text { Avg Sales Price } & \mathrm { N } \\\hline \text { Elm } & 159,999 & 1 \\\hline \text { Maple } & 210,998 & 6 \\\hline \text { Oak } & 185,000 & 4 \\\hline \text { Pine } & 202,632 & 4 \\\hline \text { Rose } & 175,500 & 5 \\\hline \text { Petunia } & 352,941 & 3 \\\hline\end{array}$

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Definitions:

Structurally Unemployed

individuals who are unemployed due to structural changes in the economy that make their skills or industries obsolete.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, typically used as an indicator of inflation.

Economy Expanding

A phase where a nation's economic activity is growing, marked by increased production, employment, and consumption.

Recessions

Economic downturns marked by decreasing industrial production, employment, and sales, often lasting from a few months to more than a year.