U.S. Department
of Justice
REW Public Comment : National Association of REALTORS (Yun, Lawrence) 10/25/2005, REW-0406
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 |
Updated January 9, 2024