Question: In order to determine what types of homes would attract
In order to determine what types of homes would attract residents of the college community of Oxford, Ohio a builder of speculative homes contacted a statistician at a local college. The statistician went to a local real estate agency and obtained the data in Table 13.10 on the next page. This table presents the sales price y, square footage x1, number of rooms x2, number of bedrooms x3, and age x4, for each of 63 single-family residences recently sold in the community. If we use regression, we find that the simple correlation coefficient between (1) y and x1 is .8315; (2) y and x 2 is .5883; (3) y and x3 is .4544; (4) y and x4 is .2948. Interpret these correlation coefficients.
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