[quote=The-Shoveler]hmmm don’t have exact figures but it seems to me home prices in LA went up about 4x from 1970 to 1980.
I remember my father bragging about paying off the ~1971 30 year mortgage with the Christmas bonus about 1980 or so.
Then it seems they went up about 2x between 1980 ad 1988 most of that was inflation IMO. Then 90’s defense crash in LA and 94 quake I think prices were about 40% lower in 1995 or so (from 1988).
Home prices were basically flat from 1996 – 1999 Late 1999 prices started to sky rocket with the internet bubble.
After the Stock Market crash of 2000 no one wanted anything to do with stocks LOL so they put it all in RE.[/quote]
I’m trying to remember what my dad paid in 1978…he bought a similar 3/2 1500SF house about 5 miles away in a much better neighborhood with a bigger yard. I think he paid about $50K plus or minus five…in 1970 he had paid $21K so housing prices had roughly doubled in the central valley in 8 years. Two years later he sold and bought again, this time a 3/2 2000SF house and I think he paid $70-75K. Can’t remember the exact amount but he told these stories so many times I can remember the ballpark. That price indicates to me prices were still increasing a bit, but since it is apples to oranges I can’t say exactly how much.
Yes if you cherry pick an area such as NYC I am sure you can point to some examples of astounding price increases!
