Real Estate: Home Price and Size Analysis

In: Business and Management

Submitted By tomkat69
Words 1135
Pages 5
Data Collection and Calculation: Real Estate Data

Real Estate: Home Price and Size Analysis The purpose of this paper is to perform a descriptive statistics analysis on the real estate dataset. The analysis will be aimed at investigating relationships between the price of a home and the home’s square footage. The team will use the dataset to figure out if there is a direct relationship between price and square footage, the assumption being there is a positive correlation between home size and price.

Research Questions Purchasing a home is the largest financial decision made by most American families. The traditional view has been that people should first buy a small “starter home,” build equity for a few years, and then move into a bigger home. The logic behind this is that smaller homes are relatively cheaper than larger homes, i.e. that there is a direct positive correlation between the price of a house and its square footage. This brings up the following research questions:
• What are some of the descriptive statistics for home prices and home sizes?
• Is there a relationship between the price of a home and its size?
These research questions will be answered through an analysis of the descriptive statistics of two of the variables in the real estate dataset, specifically Price (in dollars) and Size (in square feet.) These two variables are both quantitative, with a ratio level of measurement.

Descriptive Statistics
The following table summarizes some of the most important descriptive statistics of the Price and Size variables. These values were obtained using MegaStat.

Table 1. Relevant Descriptive Statistics as per MegaStat’s Output. Price count 105 mean 221.103 sample variance 2,218.919 sample standard deviation 47.105 minimum 125 maximum 345.3 range 220.3 skewness 0.474 kurtosis -0.277 coefficient of…...

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