Often it's called regression toward the mean which is a little clearer. The traits don't exactly equal their mean in the next generation, they just tend to move toward it.
The next generation, or offspring values, regresses to the overall mean of the population.
That's the first sentence. I'd CHECK it.
Measureable traits or characteristics that are extreme move back toward the average value.
That's the best definition, perhaps adding "tend to." I'd CHECK it.
The next generation traits move back, or regress, to the average of that trait.
As long as we make clear "to" is "toward" as it is in the original aphorism, and add "tend" this it true. I'd CHECK it.