Question

Claim: Last quarter, the average home price in Washington state was $409,228. Do you believe, since...

Claim: Last quarter, the average home price in Washington state was $409,228.

Do you believe, since the COVID-19 pandemic started, that home prices have are different?

Test the claim, using a two-tail hypothesis test at the 5% significance level.

a) Gather the data.

Here is my data from Redfin:

House Price
1 819500
2 499950
3 569000
4 220000
5 110000
6 499999
7 389900
8 399000
9 650000
10 459000
11 975000
12 749000
13 848000
14 529000
15 325000
16 895000
17 337250
18 489000
19 485000
20 369000
21 2100000
22 509000
23 469900
24 380000
25 260000
26 475000
27 765000
28 675000
29 649000
30 256500

(b) What is your sample average and sample standard deviation for home prices?

c) What are the hypotheses for your test? Explain.

(d) What is the test statistic? Is this a z- or a t-score? Why?

(e) What is the p-value? What is the meaning of the p-value when the null hypothesis is assumed to be true?

(f) Based on your answer in part (e), should you reject or fail to reject the null hypothesis? Explain. State the conclusion for the test in clear, simple language.

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