bluesky2702
New Member
- Joined
- May 3, 2010
- Messages
- 4
I use a lot of census based housing data, specifically home value data for a given geographic area in a grouped distribution as shown below. The distribution shows how many homes fall into various price groups - for example, 63 homes valued at $100,000 to $149,999 in this geographic area. (Yes, I know about the negative number for the 0-49999 group.) There are a couple of issues with the quality of the census data:
1. The farther you get from the actual census, time-wise, the more questionable the data becomes. The data shown below consists of 2015 projections.
2. Since the census data is based on the input of census respondents, it is less accurate than actual home sales data since most homeowners are guessing at the value of their homes.
The workaround is to obtain median sale price from the local multiple listing service. In the example shown below, the median sales price from the local MLS is $778,400, 19.6% higher than the census-derived median of $650,742.
How can I use the MLS median price to redistribute the frequency counts to more closely approximating real-world data?
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1. The farther you get from the actual census, time-wise, the more questionable the data becomes. The data shown below consists of 2015 projections.
2. Since the census data is based on the input of census respondents, it is less accurate than actual home sales data since most homeowners are guessing at the value of their homes.
The workaround is to obtain median sale price from the local multiple listing service. In the example shown below, the median sales price from the local MLS is $778,400, 19.6% higher than the census-derived median of $650,742.
How can I use the MLS median price to redistribute the frequency counts to more closely approximating real-world data?
Freq | |||||
2015 | Bracket | Endpoint | |||
Total | 5570 | ||||
0 | -73 | 49999 | 49999 | ||
50000 | 33 | 49999 | 99999 | ||
100000 | 63 | 49999 | 149999 | ||
150000 | 98 | 49999 | 199999 | ||
200000 | 163 | 49999 | 249999 | ||
250000 | 222 | 49999 | 299999 | ||
300000 | 562 | 99999 | 399999 | ||
400000 | 783 | 99999 | 499999 | ||
500000 | 1549 | 249999 | 749999 | ||
750000 | 1017 | 249999 | 999999 | ||
1000000 | 1153 | 1999999 | 1999999 | ||
5570 | |||||
Median home value | 650742 |
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