Question

In 1 month, the median home price in the West fell from \(203,400 to \)192,300. Find the percent decrease. (Round to the nearest tenth of a percent.)

Short answer

The percent decrease in the median home price will be 5.5% in one month.

Step-by-step solution

Step. 1 Given Information

The median home price before one month in the west is $203,400.

And the price after one month fell and it becomes $192,300.

Step. 2 Percentage calculation

The change in the price in one month will be $203,400 - $192,300 = $11,100

Now, the percentage change in the price will be calculated as follows:

$$\begin{gathered} =\frac{Changeintheprice}{Priceonemonthago}\times 100\% \\ =\frac{-11,100}{203,400}\times 100\% \\ =-0.0545722\times 100\% \\ =-5.545722\% \\ =-5.5\%(Roundingofftotenthplace). \end{gathered}$$

This negative sign shows that the change is negative and it is percent decrease.

Therefore, 5.5% will be the percent decrease.