You are studying the market value of home in Houston.You collect data from the recent sale of 30 single family homes.The data is organized and stored in an Excel file. The datasetincludes the fair market value (in $thousands), land area of theproperty in acres, and age, in years of the 30 homes. Develop amultilinear regression model to predict the fair market value basedon land area of the property (in acres) and age, inyears.
The name of the Excel data file is HoustonHomes.xlsx.Import the data into SPSS and complete the assignment usingSPSS.
State the multiple regression equation.
Interpret the meaning of the slopes, b1 and b2 , in thisproblem?
Explain why the regression coefficient, b0, has nopractical meaning in the context of this problem.
Predict the mean fair market value for a house that hasa land area of 0.25 acre and is 55 years old?
Construct a 95% prediction interval estimate for thefair market value for an individual house that has a land area of0.25 acre and is 55 years old.
| Address | Fair Market Value ($000) | Property Size (acres) | Age | House Size (square feet) | Rooms | Baths | Garage |
| 9 Sycamore Road | 522.9 | 0.2297 | 56 | 2448 | 7 | 3.5 | 2 |
| 21 Jefferson St | 425.0 | 0.2192 | 61 | 1942 | 7 | 2.5 | 1 |
| 38 Hitching Post Lane | 539.2 | 0.1630 | 39 | 2073 | 5 | 3 | 2 |
| 4 Poppy Lane | 628.2 | 0.4608 | 28 | 2707 | 8 | 2.5 | 1 |
| 5 Daniel Drive | 490.4 | 0.2549 | 56 | 2042 | 7 | 1.5 | 1 |
| 15 Francis Terrace | 487.7 | 0.2290 | 98 | 2089 | 7 | 2 | 0 |
| 23 Guilfoy Street | 370.3 | 0.1808 | 58 | 1433 | 7 | 2 | 0 |
| 17 Carlyle Drive | 777.9 | 0.5015 | 17 | 2991 | 9 | 2.5 | 1 |
| 8 Craft Avenue | 347.1 | 0.2229 | 62 | 1008 | 5 | 1 | 0 |
| 22 Beechwood Ct. | 756.8 | 0.1300 | 25 | 3202 | 8 | 2.5 | 2 |
| 14 Fox Street | 389.0 | 0.1763 | 64 | 2230 | 8 | 2 | 0 |
| 1 Raynham Road | 889.0 | 1.3100 | 62 | 1848 | 7 | 2 | 1 |
| 2 Jerome Drive | 452.2 | 0.2520 | 56 | 2100 | 6 | 2 | 0 |
| 7 Valentine Street | 412.4 | 0.1148 | 22 | 1846 | 5 | 3 | 1 |
| 38 Jefferson Street | 338.3 | 0.1693 | 74 | 1331 | 5 | 1 | 1 |
| 15 Inwood Road | 334.3 | 0.1714 | 62 | 1344 | 8 | 1 | 0 |
| 29 Meadowfield Lane | 437.4 | 0.3849 | 54 | 1822 | 6 | 2 | 1 |
| 13 Westland Drive | 644.0 | 0.6545 | 56 | 2479 | 6 | 2.5 | 2 |
| 79 Valentine Street | 387.8 | 0.1722 | 62 | 1605 | 6 | 3 | 0 |
| 13 Fairmont Place | 399.8 | 0.1435 | 88 | 2080 | 11 | 2 | 0 |
| 1 Prestwick Terrace | 356.4 | 0.2755 | 81 | 2410 | 6 | 1 | 1 |
| 11 Clement Street | 346.9 | 0.1148 | 107 | 1753 | 8 | 2 | 0 |
| 7 Woodland Road | 541.8 | 0.3636 | 55 | 1884 | 7 | 2 | 2 |
| 36 Elm Avenue | 388.0 | 0.1474 | 51 | 2050 | 10 | 2 | 2 |
| 17 Duke Place | 564.0 | 0.2281 | 50 | 2978 | 6 | 2.5 | 2 |
| 12 Prospect Avenue | 454.4 | 0.4626 | 92 | 2132 | 7 | 1 | 0 |
| 1 Buckeye Road | 417.3 | 0.1889 | 64 | 1551 | 6 | 2 | 0 |
| 30 Ann Street | 318.8 | 0.1228 | 54 | 1129 | 5 | 1 | 0 |
| 26 Broadfield Place | 519.8 | 0.1492 | 44 | 1674 | 7 | 2 | 1 |
| 16 Jackson Street | 310.2 | 0.0852 | 104 | 1184 | 5 | 1 | 0 |
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