Question

In a relatively new neighborhood with 345 homes, the median home price is $350,000. Last year, 58 houses were sold. The turnover index in this neighborhood is

Answer 1

Answer:

Turnover index = 17 % (Approx)

Explanation:

Given:

Total number of house = 345

Number of house sold = 58

Find:

Turnover index

Computation:

Turnover index = [Number of house sold/Total number of house]100

Turnover index = [58/345]100

Turnover index = [0.168115]100

Turnover index = 16.8115

Turnover index = 17 % (Approx)