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I don't think you know what median means. I believe you're referring to an average.
A median is used over the average EXACTLY for this reason.
ok, the median price for 1 month went down 0.125%
looking at the chart, prices are still 10% below their 2006 peak. I can't say, it's not my market - how does the population and economy in ORL compare to 2006?
I am not an economist or real estate expert but in 1957 and 1959 we saw the largest group of Baby Boomers born.
With some of these soon to be retiring Boomers fleeing their tax heavy states I think most of Florida will see continued growth. I could be wrong but with Florida have no income tax it makes us extremely popular!
I don't think you know what median means. I believe you're referring to an average.
A median is used over the average EXACTLY for this reason.
I know exactly what the median is and it is not a good measure to determine trends in a disparate real estate market which many are. For what it's worth, the average is also a poor measure. Example; in my market a new luxury condominium began closing out their pre-construction contracts last month. Depending on the angle my editor wanted for my story, I could spin my conclusions depending on which metric I used. Maybe I report that our average selling price took a huge jump last month (the expensive new units boosted the average in the month). If, on the other hand, Lou wanted a downbeat story, I would report that the median barely budged, also true.
My point that monthly median and average selling prices are poor measures for any meaningful conclusion still stands.
you might re-read my post, and if it's unclear, just ask.
April 2019 vs April 2018, in the way presented, is STILL just 1 month of data/change.
I don't get what you are saying, that yes the home has averaged more than $400 a month drop in the last 12 months but the only thing that matters is the $300 drop this latest month?
But the average price there fell $5K in the previous 12 months.
That really doesn't mean much. It doesn't mean that a $100,000 house now sells for $95,000. It just means that fewer high end houses were put onto the market to bring the average up.
Same with median price. All that means is that there are fewer high end houses to bring the middle point upward. Or maybe that someone has decided to dump a bunch of low end houses.
Now, if all (and lots of them) of the $100,000 houses won't sell for more than $95,000, then we've got a meaningful number.
I'm seeing the climb in prices stall but no reductions so far. Of course, that only applies to my immediate area. I don't know the Florida real estate market, which from a distance has always appeared to be wildly volatile.
I don't get what you are saying, that yes the home has averaged more than $400 a month drop in the last 12 months but the only thing that matters is the $300 drop this latest month?
Here's what I suggested that you read, that didn't make it into your subsequent post(s).
Quote:
I'd caution anyone against looking at 1 month year over year. DId prices spike in April 2018, and then balance out? Was March 2019 > March 2018?
as to what I bolded, all you did was take 5K/12 mos. What if what actually happened is Prices dropped 1K in May, June, July, August, September, and have been flat since?
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