Line graph: Real Home Price Growth

Key: The line connects points on the graph that represent home price growth minus CPI (Consumer Price Index) inflation

Y-Axis: -10 to 15 in increments of 5.
X-Axis: 1969 to 2005 in six year increments.

The line is circled on the graph where it falls below zero around the years 1975, 1981, and 1993 and marked "Recession Impacts."

Source: NAR

This figure is a graphical representation of the data in the following table.

Year Monthly home price growth minus CPI inflation
1969 2.4145
0.8493
2.3664
1.9767
1.9554
1.7709
5.1328
4.2802
0.1557
3.2895
1.8727
-0.6357
1970 -0.9492
0.7183
1.453
0.451
0.9005
-1.056
-2.663
-1.7088
0.7912
-1.9771
-0.6226
-1.9339
1971 1.4797
2.8311
2.1403
3.2677
4.2539
3.3439
2.8028
3.3006
3.2777
5.444
4.6543
5.9442
1972 3.4929
1.1993
3.0844
3.4193
3.9455
5.802
5.3121
5.352
5.6847
5.2893
4.1551
5.429
1973 4.6596
6.3715
4.8216
3.0638
1.5344
0.9645
2.9856
1.7255
0.4144
-0.6219
1.7453
-0.0851
1974 2.077
-0.7143
0.4251
1.1594
0.7522
1.8115
-1.1706
-0.8554
-0.6067
-1.4615
-4.1196
-1.2476
1975 -3.2554
-0.4208
-1.5431
-0.0925
0.3981
0.8467
-0.7456
3.2369
2.5887
3.3247
3.8363
2.351
1976 2.6452
0.5109
2.7113
2.1739
0.6035
0.6485
2.801
1.3457
2.6061
3.2926
3.6202
3.9026
1977 3.8938
6.3486
3.7865
4.454
5.4965
5.7333
5.6727
4.7896
6.7547
7.8954
7.9782
6.6553
1978 8.0847
7.5198
7.0388
8.2619
6.1273
4.0827
5.3132
6.7226
6.129
4.9351
5.0616
6.1696
1979 5.0353
2.2538
5.4466
3.0003
6.2479
6.2784
5.7561
2.8756
2.2637
0.3037
-2.9279
-2.2528
1980 -2.5225
-0.4817
-3.9975
-4.1688
-4.9446
-2.6462
-2.4426
-0.4118
-0.7269
-1.2653
3.0159
-0.8493
1981 -0.3959
-2.7483
-2.3764
-2.0234
-1.4586
-2.9146
-5.4706
-5.8866
-6.4483
-5.0084
-7.0911
-3.1978
1982 -5.3111
-3.2455
-2.8476
-3.8653
-4.6495
-4.6712
-4.0389
-4.7905
-4.6429
-3.6685
-1.7462
-2.0239
1983 -1.1474
-1.5415
-0.7545
-1.4665
-1.3762
0.4076
1.3983
1.3171
1.0997
1.5825
0.8249
-0.6898
1984 -0.4722
-0.0018
-0.684
0.2419
0.7231
-1.5248
-0.966
-1.4985
-1.4216
-1.2573
-2.0236
-0.896
1985 0.8588
0.0352
0.1096
0.163
-0.1361
0.559
-0.0889
1.6815
2.3159
1.3547
0.6587
0.9242
1986 0.498
1.3961
4.817
5.6305
8.9592
6.2064
2.5008
4.6421
4.0395
4.0183
6.0587
5.8327
1987 6.1578
8.68
3.9255
3.5521
-0.3043
0.2474
6.5862
1.1995
2.203
2.1934
1.1924
1.3609
1988 2.1434
-0.0805
0.5103
-1.6673
0.0875
1.0411
-1.412
1.6684
-0.6761
0.8219
-0.1285
-0.5476
1989 -6.6394
-5.6595
-5.6801
-4.0114
-6.1705
-5.8347
-4.953
-3.8568
-2.5142
-4.2497
-1.8302
-3.174
1990 0.3704
-1.7404
-0.0219
-0.6621
-1.096
2.1344
-0.1937
-5.3774
-4.396
-5.819
-8.2833
-7.3661
1991 -3.5591
-4.2148
-1.8039
0.2712
1.5154
-1.4566
1.6322
3.4439
2.3772
4.8437
4.2286
6.4576
1992 3.0325
4.4557
1.308
-1.0223
-1.3843
-0.4843
-4.4481
-1.6634
-0.418
0.2398
0.6452
-0.6053
1993 -3.2538
-4.3601
-3.0194
-1.4444
-0.4994
1.6418
2.7868
1.9305
1.8545
0.9477
2.0942
2.1038
1994 4.3718
3.3185
1.8527
2.2891
2.6183
1.7505
1.682
1.9382
-0.4703
-0.1027
-0.295
-0.1117
1995 -2.2988
-1.9926
-1.8294
-3.2196
-2.838
-0.4182
1.0019
1.5454
2.8855
1.8653
2.5657
1.6661
1996 4.3183
3.8026
4.5565
5.2166
4.5423
2.734
1.3346
0.3154
-0.0738
-0.0043
0.0534
1.2765
1997 1.0327
0.8381
1.1217
1.5096
2.8012
1.7765
2.5561
3.5229
4.5968
4.4585
3.992
4.291
1998 4.0662
4.6257
4.5757
4.6324
4.9285
3.8389
4.454
2.5232
3.0966
3.4279
4.2347
2.1057
1999 3.1604
2.9902
2.2844
1.6139
0.9346
2.2994
0.9638
2.7815
1.234
0.8723
0.3163
1.3703
2000 -0.7208
1.1536
0.173
1.1177
0.4819
-1.3244
1.7684
0.87
1.9006
1.1534
1.2855
1.0516
2001 -0.6385
0.1355
3.4763
1.808
1.7564
5.3072
3.1403
4.553
1.5039
2.836
3.5537
8.0456
2002 8.6509
7.1456
4.7868
5.3327
5.7128
6.6749
5.7855
3.5148
5.6075
7.5317
7.5241
3.9758
2003 3.6531
2.9646
3.3552
4.9695
5.2378
4.6566
6.0634
7.425
6.48
5.8038
3.8741
5.4328
2004 4.4002
6.4303
5.603
5.6332
6.6148
5.9258
5.1302
3.889
5.6043
4.7235
6.7473
4.715
2005 6.4372
5.6556
7.1373
11.218
8.9253
11.9146
10
12.2

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