Final answer:
The question pertains to the analysis of housing prices, which require statistical methods to interpret trends. It involves examining data such as average home values and their growth over time. Such analyses offer insights into both national trends and localized market conditions in places like Martha's Vineyard.
Step-by-step explanation:
Housing Prices and Economic Data
The question regarding the average price of homes in Martha's Vineyard in 2011 involves understanding trends in housing prices and conducting statistical analyses. According to economic data, housing prices have typically shown a steady increase over time. For instance, FRED® Economic Data revealed that from 1990 to 2016, the median sales price for an existing one-family home rose from $122,900 to $232,000, mirroring an average annual growth of 3.1%. Such data highlights the general upward trajectory of home values in the U.S. market.
However, it's important to note that real estate markets are subject to local variances, and national averages can conceal these differences. Moreover, the housing market is not without its risks, as seen during the 2007-2008 financial crisis when median prices fell significantly. By 2016, home values had generally recovered, outstripping pre-recession levels. A specific examination, such as the student's sample from Martha's Vineyard, would provide localized insight into market trends in that area, which could deviate from the national average.
When evaluating the student's sample data of 71 homes, statistical methods such as calculating the sample mean and comparing it to historical averages or national trends could be applied. This would offer insights into regional market performance and potential investment returns or risks associated with the Martha's Vineyard real estate market.