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Home values tend to increase over time under normal conditions, but the recession of 2008 and 2009 has reportedly caused the resale price of existing homes to fall nationwide (BuisinessWeek, March 9, 2009 ). You would like to see if the data support this conclusion. The file HomePrices contains data on 30 existing home sales in 2006 and 40 existing home sales in $2009 .$a. Provide a point estimate of the difference between the population mean prices for the two years.b. Develop a 99 $\%$ confidence interval estimate of the difference between the resale prices of houses in 2006 and $2009 .$c. Would you feel justified in concluding that resale prices of existing homes have declined from 2006 to 2009$?$ Why or why not?

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a. 54904.1667b. 21997.2 to 87811.1C. Yes

Intro Stats / AP Statistics

Chapter 10

Comparisons Involving Means, Experimental Design, and Analysis of Variance

Descriptive Statistics

The Chi-Square Distribution

Experiment

Temple University

Piedmont College

Oregon State University

University of St. Thomas

Lectures

04:01

Home values tend to increa…

03:50

Home sales The housing mar…

03:51

The housing market has rec…

01:03

Use a graphing utility to …

04:20

The median price for an ex…

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