Zillow is a home and real estate marketplace that aims to assist homeowners, home buyers. sellers. renters, real estate agents, mortgage professionals, landlords, and property managers locate and share information about homes, real estate, and mortgages, Zillow uses a priority formula to estimate home and rental housing market value, termed a Zestimate, using its database of over 110 million homes in the United States. The Zestimate is calculated from public and user submitted data. In this example we look at Zillow's estimated median sales price of homes in Ames, lowa recorded in $ per square foot. The first data entry is in December of 2010. The last data entry is in June of 2016. The vertical lines signily January. Figure (1) shows the predicted sales price of a home based on a quadratic trend (there is no apparent seasonality in this example so no seasonality is included in the estimated modelk In addition we include the output for the estimated AR(1) model Figure (1) Response Median Sale Price per Square Foot Story Iowa ($/sqlt) Summary of Fit RSquare 0619712 063876G Root Mean Square Inor 11.46299 Mean of Response 120 1 Observations for Sum Watsi Analysis of Variance Sum of Source DF Squares Mean Square F Amis Model Error 4006748 140173 Prob . C Total 21312411 Parameter Estimates Term Estimate Stad Error + Ratio Probity Parameter Cibimites 4276 Period [p) 1 71 565 40101- Hin BA LII Period (o'Period 10 07014 Find the updated forecast for median sales price for Ames homes (S/salt) for July of 2016 using the information above. This update should be based on the quadratic trend and the correlation (serial correlation between observations. Assume the sales in June of 2016 was $125/sq ft. Keep at least 3 decimal places in all parts of your calculations