Definition - What does Median Price mean?
The term "median price" refers to the figure found right in between the series of numbers arranged from lowest to highest. These prices are usually quoted by a time period or suburb/area, with figures calculated for the last 12 months. This figure is often used to determine Federal Housing Administration loan limits.
Justipedia explains Median Price
The Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD), offers insured mortgages designed to protect lenders from loss if homeowners default. This is designed to create more attractive interest rates and more flexible lending requirements, allowing some people who may not be able to qualify for a traditional mortgage to access home ownership. FHA loans can significantly complicate things for homeowners who fail to make payments and are facing foreclosure. In such cases, a bankruptcy attorney can help homeowners understand their rights and obligations and to avoid some of the most serious long-term consequences that come with defaulting on these mortgages.