Final answer:
The mean sales price of new homes sold in the US in February 2016 is $206,769, and the median sales price is $246,966. The mean represents the average, while the median indicates the middle value when all sales prices are ordered.
Step-by-step explanation:
The student asked about the mean and median sales prices of new homes sold in the United States in February 2016. The question states the prices as $206,769 and $246,966, respectively. By definition, the mean is the average of the values, which is found by taking the sum of all values and dividing by the count of values. This gives a sense of the overall level of the prices. On the other hand, the median is the middle value when the data is arranged in ascending or descending order, meaning half of the sales prices are higher and half are lower. This is less affected by extremely high or low values and can give a better picture of the typical value.
Considering the figures provided, the mean is $206,769, which suggests that it is the average sales price. The median is $246,966, indicating it is the middle sales price value for new homes sold. Therefore, the mean is typically lower than the median in this scenario because high-value home sales can skew the average upwards, while the median remains the central figure in the ordered list of sales prices.