Nominal 1998/99 prices are not the mean. It’s the ratio of prices to incomes in 1998 that matter. I’m with poorgradstudent. You need to account for increase in income to come to the nominal price.
deadzone – Median income never buys a median house in SD. COnsider that the homeownership rate is 50-60% histornically in SD. Significantly below national averages. Since we have a large fraction of renters (more so in the past than now), I would suggest that median incomes are buying the bottom 20th percentile or so of homes, not the 50th percentile (median).
