The spread sheet contains quarterly data on a house price index for the greater Houston Metro Area. Estimate a regression using a linear trend and 3 quarterly dummy variables (keep the intercept and drop the 4th quarter) to look for any seasonal pattern in price levels.

Next calculate the percentage change in the house price index and run the same regression in percentage changes rather than levels to test for any seasonality. Again, use a linear time trend and 3 quarterly dummy variables (keep the intercept and drop the 4th quarter). What can you conclude looking at your regression estimates about seasonality in Houston home prices

Frequency: Quarterly	Price Index
1990-01-01	91.46
1990-04-01	92.52
1990-07-01	93.72
1990-10-01	93.53
1991-01-01	94.46
1991-04-01	95.63
1991-07-01	96.19
1991-10-01	97.17
1992-01-01	98.88
1992-04-01	98.39
1992-07-01	100.16
1992-10-01	100.06
1993-01-01	100.36
1993-04-01	100.84
1993-07-01	101.65
1993-10-01	102.23
1994-01-01	102.23
1994-04-01	101.67
1994-07-01	101.66
1994-10-01	100.22
1995-01-01	100.00
1995-04-01	101.66
1995-07-01	102.14
1995-10-01	102.70
1996-01-01	104.23
1996-04-01	103.74
1996-07-01	104.00
1996-10-01	104.65
1997-01-01	104.50
1997-04-01	106.23
1997-07-01	107.30
1997-10-01	108.43
1998-01-01	110.89
1998-04-01	111.97
1998-07-01	114.30
1998-10-01	115.71
1999-01-01	117.27
1999-04-01	120.27
1999-07-01	123.22
1999-10-01	125.75
2000-01-01	127.27
2000-04-01	129.25
2000-07-01	130.99
2000-10-01	132.06
2001-01-01	136.31
2001-04-01	137.76
2001-07-01	139.61
2001-10-01	141.01
2002-01-01	141.72
2002-04-01	143.52
2002-07-01	145.27
2002-10-01	147.38
2003-01-01	148.46
2003-04-01	149.38
2003-07-01	150.28
2003-10-01	151.79
2004-01-01	153.30
2004-04-01	154.73
2004-07-01	156.85
2004-10-01	157.77
2005-01-01	160.13
2005-04-01	161.49
2005-07-01	163.62
2005-10-01	166.34
2006-01-01	168.80
2006-04-01	171.27
2006-07-01	173.68
2006-10-01	175.14
2007-01-01	177.47
2007-04-01	180.48
2007-07-01	181.12
2007-10-01	182.27
2008-01-01	184.38
2008-04-01	184.93
2008-07-01	186.04
2008-10-01	185.66
2009-01-01	188.34
2009-04-01	186.72
2009-07-01	185.54
2009-10-01	185.15
2010-01-01	183.81
2010-04-01	184.23
2010-07-01	184.86
2010-10-01	184.64
2011-01-01	181.31
2011-04-01	180.89
2011-07-01	182.27
2011-10-01	183.00
2012-01-01	183.93
2012-04-01	186.46
2012-07-01	188.01
2012-10-01	189.92
2013-01-01	191.99
2013-04-01	195.82
2013-07-01	200.72
2013-10-01	205.34
2014-01-01	209.69
2014-04-01	217.28
2014-07-01	224.55
2014-10-01	228.27
2015-01-01	230.72
2015-04-01	237.54
2015-07-01	240.58
2015-10-01	241.34
2016-01-01	242.38
2016-04-01	246.93
2016-07-01	250.15
2016-10-01	251.74
2017-01-01	254.30
2017-04-01	259.50
2017-07-01	260.66
2017-10-01	264.18
2018-01-01	266.03
2018-04-01	272.59
2018-07-01	276.90
2018-10-01	276.34
2019-01-01	279.37
2019-04-01	282.80
2019-07-01	287.66
2019-10-01	287.68
2020-01-01	291.89
2020-04-01	294.43