Table 1. Historical Evidence of U.S. Home Price Booms and Bust, 1978-2003
This table displays years of home price booms and busts in metropolitan areas during the period 1978 to 2003.
Cities are grouped by geographic region.
Region and City Boom Bust Years
Data Not
Available
Years Where Real Home Home Prices Increased At Least 30 Percent From 3 Years Earlier Maximum
Real Price
Increase
Years Where Nominal Home Prices Declined From 5 Years Earlier* Maximum
Nominal Price
Decline
California
Chico, CA 2003 +41%     1978
Fresno, CA 2003 +37%      
Los Angeles-Long Beach-Santa Ana, CA 1978, 1979 +47% 1994, 1995, 1996, 1997, 1998 -19%  
1988,1989, 1990 +48%      
2003 +35%      
Madera, CA 2003 +35%     1978-1984
Merced, CA 2002, 2003 +40%     1978
Modesto, CA 1990 +32%     1978
2002, 2003 +44%      
Napa, CA 1990 +34%     1978
2000, 2001, 2002, 2003 +46%      
Oxnard-Thousand Oaks-Ventura, CA 1979 +39% 1994, 1995, 1996, 1997 -17%  
1988, 1989, 1990 +50%      
2003 +35%      
Redding, CA 2003 +39%     1978-1980
Riverside-San Bernadino-Ontario, CA 1979 +40% 1994, 1995, 1996, 1997, 1998 -18%  
2003 +36%      
Sacramento-Arden-Arcade-Roseville, CA 1979 +30%      
1990 +32%      
2002, 2003 +40%      
Salinas, CA 2000, 2001, 2002, 2003 +49%      
San Diego-Carlsbad-San Marcos, CA 1979 +45%      
1989 +32%      
2000, 2001, 2002, 2003 +41%      
San Francisco-Oakland-Fremont, CA 1978, 1979 +38%      
1988, 1989, 1990 +40%      
2000, 2001, 2002 +44%      
San Jose-Sunnyvale-Santa Clara, CA 1978, 1979 +40%      
1989, 1990 +49%      
1999, 2000, 2001, 2002 +51%      
San Luis Obispo-Paso Robles, CA 1989, 1990 +44% 1994, 1995, 1996, 1997 -16%  
2001, 2002, 2003 +46%      
Santa Barbara-Santa Maria-Goleta, CA 1989 +34%      
2001, 2002, 2003 +45%      
Santa Cruz-Watsonville, CA 1988, 1989, 1990 +45%      
2000, 2001, 2002 +48%      
Santa Rosa-Petaluma, CA 1989, 1990 +41%      
2000, 2001, 2002 +48%      
Stockton, CA 2001, 2002, 2003 +38%      
Vallejo-Fairfield, CA 2001, 2002, 2003 +45%      
Yuba City, CA 2003 +42%     1978-1986
Other Western Locations
Bellingham, WA 1990, 1991, 1992 +43%     1978
Bend, OR 1990, 1991 +32%     1978-1985
Boulder, CO 1994 +31%      
2001 +31%      
Corvallis, OR 1994, 1995 +36%     1978-1985
Denver-Aurora, CO 1979 +34%      
Missoula, MT 1994 +30%     1978-1987
Mount Vernon-Anacortes, WA 1990, 1991 +36%     1978-1985
Ogden-Clearfield, UT 1995, 1996 +30%      
Provo-Orem, UT 1995, 1996 +34%     1978-1982
Salt Lake City, UT 1994, 1995, 1996 +36%      
Seattle-Tacoma-Bellevue, WA 1978, 1979 +45%      
1990, 1991 +34%      
Oil Patch
Anchorage, AK     1987, 1988, 1989, 1990, 1991 -29% 1978-1982
Austin-Round Rock, TX     1989, 1990, 1991, 1992 -25%  
Casper, WY     1988, 1989, 1990 -33% 1978-1982
Fort Worth-Arlington TX 2003 +37%      
Grand Junction, CO     1985, 1986, 1987, 1988 -29% 1978-1979
Houston-Baytown-Sugar Land, TX     1986, 1987, 1988, 1989, 1990 -22%  
Lafayette, LA     1986, 1987, 1988, 1989, 1990, 1991 -40% 1978-1980
Midland, TX     1987, 1988, 1989, 1990, 1991, 1992 -31% 1978-1981
Odessa, TX     1989, 1990, 1991 -22% 1978-1983
Oklahoma City, OK     1987, 1988, 1989, 1990, 1991 -26%  
San Antonio, TX     1988, 1989, 1990, 1991, 1992 -17% 1978
New England
Barnstable Town, MA 1987, 1988 +62% 1992, 1993, 1994, 1995 -15% 1978-1983
2000, 2001, 2002, 2003 +48%      
Boston-Cambridge-Quincy, MA-NH 1985, 1986, 1987, 1988 +74%      
2000, 2001, 2002 +36%      
Bridgeport-Stamford-Norwalk, CT 1985, 1986, 1987, 1988 +71%      
Burlington-South Burlington, VT 1986, 1987, 1988 +32%     1978-1984
Hartford-West Hartford-East Hartford, CT 1986, 1987, 1988 +61% 1993, 1994, 1995, 1996, 1997, 1998 -17%  
Manchester-Nashua, NH 1986, 1987, 1988 +55% 1991, 1992, 1993, 1994, 1995, 1996 -20% 1978-1982
2002, 2003 +35%      
New Haven-Milford, CT 1986, 1987, 1988 +76% 1992, 1993, 1994, 1995, 1996, 1997 -16%  
Norwich-New London, CT 1988 +50% 1993, 1994, 1995, 1996 -16% 1978-1984
Portland-South Portland-Biddeford, ME 1986, 1987, 1988 +47%     1978-1982
Providence-New Bedford-Fall River-Warwick, RI 1985, 1986, 1987, 1988, 1989 +69%      
2002, 2003 +39%      
Springfield, MA 1986, 1987, 1988 +63%     1978-1979
Worcester, MA-CT 1985, 1986, 1987, 1988 +71%     1978-1979
2002, 2003 +34%      
Other Northeast
Albany-Schenectady-Troy, NY 1986, 1987, 1988 +49%     1978-1979
Allentown-Bethlehem-Easton, PA-NJ 1987, 1988, 1989 +48%      
Kingston, NY 2003 +33%     1978-1985
New York-Northern NJ-Long Island, NY-NJ 1985, 1986, 1987, 1988 +65%      
2002, 2003 +32%      
Ocean City, NJ 2002, 2003 +37%     1978-1985
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 1987, 1988 +41%      
Poughkeepsie-Newburgh-Middletown, NY 1986, 1987, 1988 +63%     1978-1980
2003 +35%      
Scranton-Wilkes-Barre-Hazelton, PA 1988 +31%     1978-1983
Trenton-Ewing, NJ 1986, 1987, 1988 +61%      
Washington-Arlington-Alexandria, DC-MD-VA-WV 1988, 1989 +31%      
2003 +31%      
Florida
Cape Coral-Fort Myers, FL 2003 +31%      
Miami-Fort Lauderdale-Miami Beach, FL 2003 +36%      
Naples-Marco Island, FL 2002, 2003 +32%      
Port St. Lucie-Fort Pierce, FL 2003 +37%      
Punta Gorda, FL 2003 +31%      
Other
Honolulu, HI 1980 +31% 1996, 1997, 1998, 1999, 2000, 2001 -16%  
1989, 1990, 1991 +60%      
Niles-Benton Harbor, MI 1985 +30%     1978-1983
Peoria, IL     1984, 1985, 1986, 1987, 1988 -17% 1978
* A city must include at least one 5-year period where nominal prices declined by more than 15 percent.
Source: FDIC FYI "U.S. Home Prices: Does Bust Always Follow Boom?" February 10. 2005. (Office of Federal Housing Enterprise Oversight Home Price Index, nominal and real, using Bureau of Labor Statistics Consumer Price Index less shelter inflation index).