Sales of single-family houses

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Reference no: EM13848239

Sales of single-family houses have been brisk in Mid City this year. This has especially beentrue in older, more established neighborhoods, where housing is relatively inexpensive comparedto the new homes being built in the newer neighborhoods. Nevertheless, there are alsomany families who are willing to pay a higher price for the prestige of living in one of the newer neighborhoods. For each sale, the file shows the neighborhood(1, 2, or 3) in which the house is located, the number of offers made on the house,the square footage, whether the house is made primarily of brick, the number of bathrooms,the number of bedrooms, and the selling price. Neighborhoods 1 and 2 are more traditionalneighborhoods, whereas neighborhood 3 is a newer. more prestigious neighborhood.YOUR TASK: Using the various techniques learned in the class, develop and estimate a regressionmodel that analyzes the factors contributing to the pricing structure of these housesales in Mid City. Write a professional report of your analysis that should also include answersto the following considerations. Your report should clearly outline what your model istrying to capture, what your independent and dependent variables are, why you picked thoseindependent variables-what is the rationale behind (in 1-2 sentences for each independentvariable). Comment on and correct the pre-estimation issues as much as you can: check forregression assumptions, normality, correlations, outliers, heteroscedasticity, multicollinearity,nonlinearity, etc. Interpret the estimated coefficients, comment on the overall fit of yourmodel, etc. Some considerations your report should include:a. Do buyers pay a premium for a brick house, all else being equal?b. Is there a premium for a house in neighborhood 3, all else being equal?c. Is there an extra premium for a brick house in neighborhood 3, in addition to the usualpremium for a brick house?d. For purposes of estimation and prediction, could neighborhoods 1 and 2 be collapsedinto a single "older" neighborhood?DELIVERABLES: (i) Excel File containing the regression model or models and showing thesolutions for the questions posed above, (ii) professionally written (typed) report not to exceed5 pages (double spaced, 12 pt, including images, tables, references etc.)

60

3

1

2090

No

4

2

155400

61

3

1

2200

No

3

3

180900

62

1

2

1610

No

2

2

100900

63

3

2

2220

No

4

3

161300

64

2

2

1910

No

2

3

120500

65

3

2

1860

No

3

2

130300

66

1

1

1450

Yes

2

2

111100

67

1

4

2210

No

3

3

126200

68

2

3

2040

No

4

3

151900

69

1

4

2140

No

3

2

93600

70

3

3

2080

No

4

3

165600

71

3

3

1950

Yes

3

3

166700

72

3

1

2160

No

4

2

157600

73

1

3

1650

No

3

2

107300

74

2

2

2040

No

3

3

125700

75

3

3

2140

No

3

3

144200

76

1

2

1900

No

2

2

106900

77

3

2

1930

No

3

2

129800

78

3

3

2280

Yes

4

3

176500

79

1

3

2130

No

3

2

121300

80

3

1

1780

No

4

2

143600

81

2

4

2190

Yes

3

3

143400

82

3

2

2140

Yes

4

3

184300

83

3

1

2050

Yes

2

2

164800

84

2

2

2410

No

3

3

147700

85

1

3

1520

No

2

2

90500

86

3

2

2250

Yes

4

3

188300

87

1

4

1900

No

4

2

102700

88

3

1

1880

Yes

3

3

172500

89

1

2

1930

No

3

3

127700

90

1

4

2010

No

2

2

97800

91

3

2

1920

No

4

2

143100

92

2

2

2150

No

3

2

116500

93

3

2

2110

No

3

2

142600

94

2

2

2080

No

3

3

157100

95

3

3

2150

Yes

4

3

160600

96

3

1

1970

Yes

2

2

152500

97

2

3

2440

No

3

3

133300

98

2

1

2000

Yes

2

2

126800

99

3

1

2060

No

3

2

145500

100

3

2

2080

Yes

3

3

171000

101

1

5

2010

No

3

2

103200

102

2

5

2260

No

3

3

123100

103

2

4

2410

No

3

3

136800

104

3

3

2440

Yes

4

3

211200

105

2

4

1910

No

3

2

82300

106

3

4

2530

No

4

3

146900

107

1

4

2130

No

3

2

108500

108

2

1

1890

Yes

3

2

134000

109

2

3

1990

Yes

3

3

117000

110

2

3

2110

No

3

2

108700

111

1

1

1710

No

2

2

111600

112

1

2

1740

No

2

2

114900

113

2

2

1940

Yes

2

2

123600

114

1

3

2000

Yes

3

2

115700

115

2

2

2010

No

4

3

124500

116

1

3

1900

No

3

3

102500

117

3

1

2290

Yes

5

4

199500

118

1

2

1920

No

3

2

117800

119

1

3

1950

Yes

3

2

150200

120

1

4

1920

No

2

2

109700

121

1

3

1930

No

2

3

110400

122

2

3

1930

No

3

3

105600

123

2

1

2060

Yes

2

2

144800

124

2

3

1900

Yes

3

3

119700

125

2

3

2160

Yes

4

3

147900

126

1

2

2070

No

2

2

113500

127

3

1

2020

No

3

3

149900

128

1

4

2250

No

3

3

124600

Reference no: EM13848239

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