In this assignment, you’ll examine two datasets about nearby single-family home sales in the past year in the 92821 (Brea) and 92835 (North Fullerton) zip codes. Each set of housing data has been collected from Redfin, and the data is on Canvas (data sheets are named after the zip code the data is from).
1. Please construct a table of summary statistics for the overall housing market in 92821. Please include at least the mean, median, standard deviation, minimum, and maximum for housing prices, the number of bedrooms, the number of bathrooms, lot size, and square footage for the homes. Are there any indications of any unreasonable values of any variables in the data? (15 points)
2. Please construct a similar table as question 1 for the homes in 92835. Are there any indications of any unreasonable values of any variables in the data? (15 points)
3. Please construct a histogram for housing prices in the 92835 zip code (10 points)
4. What is the difference in average recent sales prices between the zip codes? What is the difference in the average size (square footage and number of bedrooms) between the houses sold in each zip code? (10 points)
5. Please compute the conditional means of housing prices and square footage of the homes by the number of bedrooms in each zip code (2 groups of conditional means for each zip code). Hint: in R, the tapply function may be helpful. Are homes in 92835 more expensive than in 92821, holding constant the number of bedrooms? If so, could it be that the price difference is partially due to larger homes in 92835, holding constant the number of bedrooms? (20 points)
6. Please compute the percentage of homes in each zip code that were built in 1980 or after. This process will help you identify the share of homes that is relatively newer development. (10 points)
7. Please construct a scatterplot of housing prices versus the square footage of the house for the 92821 zip code. Is there a positive or negative relationship between housing prices and the square footage of the house? Is the relationship linear (described well by a straight line)? (10 points)
8. Please compute the correlation coefficient between housing prices and the square footage of homes for the 92821 zip code. (10 points)
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