Zillow is a home and real estate marketplace that aims to assist homeowners, home buyers, sellers, renters, real estate

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Zillow is a home and real estate marketplace that aims to assist
homeowners, home buyers, sellers, renters, real estate agents,
mortgage professionals, landlords, and property managers locate and
share information about homes, real estate, and mortgages. Zillow
uses a priority formula to estimate home and rental housing market
value, termed a Zestimate, using its database of over 110 million
homes in the United States. The Zestimate is calculated from public
and user submitted data. In this example we look at Zillow’s
estimated median sales price of homes in Ames, Iowa recorded in $
per square foot. The first data entry is in December of 2010. The
last data entry is in June of 2016. The vertical lines signify
January. Figure (1) shows the predicted sales price of a home based
on a quadratic trend (there is no apparent seasonality in this
example so no seasonality is included in the estimated model). In
addition we include the output for the estimated AR(1) model.
Figure (1) graphoutput.png Find the updated forecast for
median sales price for Ames homes ($/sqft) for July of 2016 using
the information above. This update should be based on the quadratic
trend and the correlation (serial correlation) between
observations. Assume the sales in June of 2016 was $125/sq
ft.

Zillow Is A Home And Real Estate Marketplace That Aims To Assist Homeowners Home Buyers Sellers Renters Real Estate 1 (109.5 KiB) Viewed 17 times

Residuals versus Lag Residuals (AR(1) Model) Response Median Sale Price per Square Foot Story Iowa ($/sqft) 50 40- 30- 20- 10- Residual Median Sale Price per Square Foot Story Iowa ($/sqft) 0- -10- Summary of Fit RSquare 0.649712 RSquare Adj 0.638766 Root Mean Square Error 11.86299 Mean of Response 120.1 Observations (or Sum Wgts) 67 Analysis of Variance Sum of Source DF Squares Mean Square F Ratio Model 2 16705.666 8352.83 59.3534 Error 64 9006.748 140.73 Prob > F C. Total 66 25712.413 <.0001* -20 -30- -40 -40 1 -30 1 -20 -10 0 1 10 1 30 20 40 50 Lag Residuals Summary of Fit RSquare RSquare Adj Root Mean Square Error Mean of Response Observations (or Sum Wgts) 0.42 0.411 8.99 -0.137 66 Parameter Estimates Parameter Estimates Term Estimate Std Error t Ratio Prob>|t| Intercept 82.76 4.48 18.47 <.0001* Period (t) 1.72 0.30 5.65 <.0001* Period (t)*Period (t) -0.014 0.004 -3.18 0.0023* Term Intercept Lag Residuals Estimate Std Error t Ratio Prob>It| -0.159 1.11 -0.14 0.8863 0.645 0.095 6.81 <.0001*