1996 was pretty much the bottom of the last bust in California and 1996 prices are nominally basically the same as 1988 prices. So in 22 years yes houses should probably be double especially given that interest rates are roughly half of what they were in the late 80’s.

Also, At 3% inflation it takes about 23.5 years for a price to double. Prices in 1996 were an overshoot to the downside. Given the scope of this bubble I would not be surprised to prices overshoot to the downside at about 2001 nominal pricing for the best areas. I’m already seeing this type of pricing in good areas.