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Year Price (000) 2000 $ 182.00 The data show median home prices for the home sales. 2001 $ 169.40 2002 $ 168.00 a) Construct a

Year Price (000)
2000 $ 182.00 The data show median home prices for the home sales.
2001 $ 169.40
2002 $ 168.00 a) Construct a time series plot. Is there any pattern you observe? Explain.
2003 $ 177.80 b) Do you think that forecasting methods are appropriate for this time series? Why? Explain.
2004 $ 180.60 c) Assume that you are forecasting the median house price for the year 2022, how much of the past data would you use? Why? Explain.
2005 $ 187.60
2006 $ 196.00
2007 $ 210.00
2008 $ 207.20
2009 $ 223.86
2010 $ 227.64
2011 $ 245.28
2012 $ 261.94
2013 $ 265.30
2014 $ 311.22
2015 $ 330.82
2016 $ 359.80
2017 $ 339.50
2018 $ 344.96
2019 $ 306.88
2020 $ 291.62
2021 $ 314.58

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