Man Without Qualities

Thursday, October 16, 2003

Median And Average

General economic trends are often described in terms of "medians' or "averages" - with the difference often being downplayed. But sometimes there is a very big difference with very real economic consequences. For example:

The average price for an apartment in Manhattan was $919,959 in the third quarter of this year...

In part because so many of the sales in Manhattan are in the seven-figure range, the average is skewed upward.

The median price of an apartment in Manhattan for the third quarter of 2003, the exact middle of all the sales, was $575,000

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