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The experiment results clearly show that for these two particular datasets, the proposed method achieves much better forecast performance than the basic back propagation neural network and ARIMA model.
And while Pittsburgh's home prices may only inch up 2% in the next three years, that's a much better forecast than the national average for cities on our list a drop of 1%.
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Silver's political-forecasting work has shown that good statistical analysis of quantitative data can provide much better forecasts than can human intuition.
This was prompted by stronger than expected US GDP growth on Thursday and much better than forecast non-farm payroll numbers yesterday - 204,000 jobs were created last month in comparison to predictions of a 120,000 increase.
The monthly ZEW index jumped to 52.8, much better than forecasts of 49.6.
"I'd say I'm as pragmatic as possible and not locked into one position," he says, "but I do understand that I have a much better record forecasting rain than in predicting the return of sunshine".
We're also much better at forecasting these events long in advance, up to about a week, because decades of investment in weather research and improved technological systems have given us better, higher resolution models".
The upbeat news that the fourth-quarter gross domestic product rose 0.2percentt, much better than forecasts of a 1percentt decline, arrived before the Fed ended a two-day policy meeting.
Unfortunately, ecologists can't do much better at forecasting when an ecosystem is about to collapse or change dramatically.
"If we had a better idea of what's on the other side of the sun, we could give a much better long-term forecast," says space weather forecaster Chris Smithtro of the SEC.
But the January consumer confidence index hit 80.7, much better than the forecast 78.1.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com