You probably know, but in case you didn’t, here’s the explanation that Karen Ross gave me:
“If 100 homes sold in the month of November, and you sorted the sales from lowest price to highest price, what is the price of the 50th house? The half (1-49) paid under the 50th house, and the other half (51-100) paid over the 50th house.
It is not an average.
It is a great measuring stick for what is going on in the market. You’ll hear it in the news (and Ron) all the time.”
Thanks, Karen. I hope this helps someone who wasn’t quite clear on that – like me,
Ana Anderson