Question

During a recent housing slump, the median price of homes decreased in the United States. If James bought his house for $360,000 and the value 1 year later was $253,800, compute the percent decrease in the value of the house.

Answer 1

we are given

the median price of homes decreased in the United States

old price is $360,000

after 1 year

new price is $253,800

Decrease in price = old price - new price

Decrease in price =$360,000 -$253,800

Decrease in price =$106200

now, we can find percent in decrease

percent in decrease = (decrease in price)/(old price) *100

`=(106200)/(360000)*100`

percent in decrease is 29.5%.....................Answer