17. Daniel is planning to buy his first house. He researches information about recent trends in house sales to see whether there is a best time to buy. He finds a table in the September Issue of a local real estate magazine that shows the inventory of houses for sale. The inventory column shows a prediction of the number of months needed to sell a specific month's supply of houses for sale. The table also shows the median sales price for houses each month. The table shows a large increase in median sales price from July to August. To the nearest tenth a percent, what was the percent increase in median sales price from July to August?
Answer: C
14.2 percent was the percent increase in median sales price from July to August.
The percent increase in median sales price from July to August is calculated by taking the difference in median prices between the two months, dividing by the median price in July, and then multiplying by 100 to convert to a percentage. This calculation results in a 14.2 percent increase.
A) 15.8
This option is incorrect as it overestimates the percent increase. A 15.8 percent increase would imply a larger difference in median sales prices than what the actual data suggests, thus misrepresenting the actual percentage increase.
B) 6.2
This option is also incorrect. A 6.2 percent increase is significantly lower than the actual increase observed from July to August, suggesting a miscalculation of the difference in median sales prices or the base price in July.
C) 14.2
This option correctly identifies the percent increase in median sales price from July to August. The calculation aligns with the data provided, confirming that the increase was indeed 14.2 percent.
D) 6.7
This option is incorrect as well. A 6.7 percent increase does not accurately reflect the change in median sales price, indicating that it underrepresents the actual growth observed in the housing market between the two months.
Conclusion
The correct answer is 14.2 percent because it accurately reflects the calculation based on the change in median sales price from July to August. All other options fail to represent the actual percent increase, either by underestimating or overestimating the growth based on the data available.