Real Estate Regression Exercise

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You are consulting for a large real estate firm.  You have been asked to construct a model that can predict listing prices based on square footages for homes in the city you’ve been researching.  You have data on square footages and listing prices for 100 homes.

Use the real estate data attached on the excell spreadsheet. Analyze the data and explain your answers to the following questions.

(a)   Check the coefficients in your summary output. What is the regression equation relating square footage to listing price?

 

 

 

(b)   Test the significance of the slope. What is your t-value for the slope?  Do you conclude that there is no significant relationship between the two variables or do you conclude that there is a significant relationship between the variables?

 

 

 

 

 

(c)   Using the regression equation that you designated in #3(d) above, what is the predicted sales price for a house of 2100 square feet?

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