What is median price?
The Bankrate.com financial term of the day is: "Median Price"
Sometimes when you think you're looking for the average price that people are paying -- let's say for homes in your area -- what you really want is the median price. That's the price right in the middle, with half selling for more, half selling for less. An average might be skewed if, for example, there's one multimillion-dollar home in the community, and the rest are considerably more modest.
If you want to see what the typical house is selling for where you live, you probably want the median price, at the center of local price spectrum. If you took the average price instead, that calculation might be warped by one or a couple of prices much different from the others.
To compare home loans, visit the Mortgages section at Bankrate.com.