What was the purpose of your analysis, and what is your approach?

Statistics by Geoffrey

You have been hired by your regional real estate company to determine if your region’s housing prices and housing square footage are significantly different from those of the national market. The regional sales director has three questions that they want to see addressed in the report:

  1. Are housing prices in your regional market lower than the national market average?
  2. Is the square footage for homes in your region different than the average square footage for homes in the national market?
  3. For your region, what is the range of values for the 95% confidence interval of square footage for homes in your market?

You are given a real estate data set that has houses listed for every county in the United States. In addition, you have been given national statistics and graphs that show the national averages for housing prices and square footage. Your job is to analyze the data, complete the statistical analyses, and provide a report to the regional sales director. You will do so by completing the Project Two Template located in the What to Submit area below.

Directions

Introduction

  1. Region: Start by picking one region from the following list of regions:
    West South Central, West North Central, East South Central, East North Central, Mid Atlantic
  2. Purpose: What was the purpose of your analysis, and what is your approach?
    1. Define a random sample and two hypotheses (means) to analyze.
  3. Sample: Define your sample. Take a random sample of 500 observations for your region.
    1. Describe what is included in your sample (i.e., states, region, years or months).
  4. Questions and type of test: For your selected sample, define two hypothesis questions and the appropriate type of test hypothesis for each. Address the following for each hypothesis:
    1. Describe the population parameter for the variable you are analyzing.
    2. Describe your hypothesis in your own words.
    3. Describe the inference test you will use.
      1. Identify the test statistic.
  5. Level of confidence: Discuss how you will use estimation and confidence intervals to help you solve the problem.