To find the percent change in the price of the house, you can use the formula for percent change:

$\text{Percent Change} = \frac{\text{Old Price} - \text{New Price}}{\text{Old Price}} \times 100$

Given:

• Old Price = $250,000
• New Price = $200,000

Now, plug the values into the formula:

$\text{Percent Change} = \frac{250,000 - 200,000}{250,000} \times 100$

$\text{Percent Change} = \frac{50,000}{250,000} \times 100$

$\text{Percent Change} = 0.2 \times 100 = 20\%$

So, the percent decrease in the price is 20%.

Would you like further details or have any questions?

Here are some related questions to expand your understanding:

1. How would the percentage change if the price dropped to $180,000?
2. What if the seller had increased the price instead—how would you calculate the percent increase?
3. If the house was later sold at $220,000, what would be the percent change from the original price?
4. How would the formula change if dealing with an increase rather than a decrease?
5. How can you determine the final price if given a percent change and the original price?

Tip: When calculating percent change, always make sure to subtract the new value from the old one for a decrease, and reverse it for an increase!