In Australia we report the median house price. The reason for this is that the mean is senstive to extreme values that occur quite often in the housing market.
a newspaper makes the folloxing statement: over 60% of houses sold this month were sold for more than the average selling price
consider the possible truth of this statement and what is meant by average (median, mean, mode)
i know this must be easy but its the notion i have a hard times getting around. i understand that it can be the mode and it can't be the median but i don't understand how to fit in a the mean.