Table 1. Historical Evidence of U.S. Home Price Booms and Busts, 1978 - 2004
This table displays years of home price booms and busts in metropolitan areas during the period 1978 to 2004.
Cities are grouped by geographic region.
Region and City Boom Bust Years
Data Not
Available
Years Where Real 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
Bakersfield, CA 2004 +47%      
Chico, CA 2003, 2004 +49%     1978
Fresno, CA 2003, 2004 +58%      
Hanford-Corcoran, CA 2004 +38%     1978-1987
Los Angeles-Long Beach-Glendale Metro Div,CA 1978, 1979 +46% 1994, 1995, 1996, 1997, 1998 -20%  
1988, 1989, 1990 +49%      
2003, 2004 +53%      
Madera, CA 2003, 2004 +57%     1978-1983
Merced, CA 2002, 2003, 2004 +43%     1978
Modesto, CA 1990 +32%      
2002, 2003, 2004 +44%      
Napa, CA 1990 +34%     1978
2000, 2001, 2002, 2003, 2004 +46%      
Oxnard-Thousand Oaks-Ventura, CA 1979 +39% 1994, 1995, 1996, 1997 -17%  
1988, 1989, 1990 +50%      
2003, 2004 +53%      
Redding, CA 2003, 2004 +52%     1978-1980
Riverside-San Bernadino-Ontario, CA 1979 +40% 1994, 1995, 1996, 1997, 1998 -18%  
2003, 2004 +58%      
Sacramento-Arden-Arcade-Roseville, CA 1979 +30%      
1990 +32%      
2002, 2003, 2004 +47%      
Salinas, CA 2000, 2001, 2002, 2003, 2004 +49%      
San Diego-Carlsbad-San Marcos, CA 1979 +45%      
1989 +32%      
2000, 2001, 2002, 2003, 2004 +55%      
San Francisco-S Mateo-Redwd City Metro Div, CA 1978, 1979 +39%      
1988, 1989, 1990 +54%      
2000, 2001, 2002 +46%      
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, 2004 +46%      
Santa Barbara-Santa Maria-Goleta, CA 1989 +34%      
2001, 2002, 2003, 2004 +53%      
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, 2004 +38%      
Vallejo-Fairfield, CA 2001, 2002, 2003, 2004 +45%      
Visalia-Porterville, CA 2004 +36%      
Yuba City, CA 2003, 2004 +56%     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%      
Carson City, NV 2004 +44%     1978-1987
Corvallis, OR 1994, 1995 +36%     1978-1985
Denver-Aurora, CO 1979 +35%      
Las Vegas-Paradise, NV 2004 +43%      
Medford, OR 2004 +31%     1978-1980
Mount Vernon-Anacortes, WA 1990, 1991 +37%     1978-1985
Ogden-Clearfield, UT 1995, 1996 +30%      
Provo-Orem, UT 1995, 1996 +34%     1978-1982
Reno-Sparks, NV 2004 +41%      
Salt Lake City, UT 1994, 1995, 1996 +36%      
Seattle-Tacoma-Bellevue, WA 1978, 1979 +51%      
1990, 1991 +38%      
Oil Patch
Anchorage, AK     1987, 1988, 1989, 1990, 1991 -29% 1978-1981
Austin-Round Rock, TX     1989, 1990, 1991, 1992 -25%  
Casper, WY     1988, 1989, 1990 -34% 1978-1982
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 -39% 1978-1980
Midland, TX     1987, 1988, 1989, 1990, 1991, 1992 -31% 1978-1981
Odessa, TX     1989, 1990, 1991 -24% 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, 2004 +48%      
Boston-Quincy Metro Div, MA 1985, 1986, 1987, 1988 +74%      
2000, 2001, 2002, 2003, 2004 +38%      
Bridgeport-Stamford-Norwalk, CT 1985, 1986, 1987, 1988 +71%      
Burlington-South Burlington, VT 1988 +32%     1978-1984
Hartford-West Hartford-East Hartford, CT 1986, 1987, 1988, 1989 +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
2004 +31%      
Portland-South Portland-Biddeford, ME 1986, 1987, 1988 +47%     1978-1982
2004 +30%      
Providence-New Bedford-Fall River-Warwick, RI 1985, 1986, 1987, 1988, 1989 +69%      
2002, 2003, 2004 +46%      
Springfield, MA 1986, 1987, 1988 +63%     1978-1979
Worcester, MA-CT 1985, 1986, 1987, 1988 +71%     1978-1979
2002, 2003, 2004 +34%      
Other Northeast
Albany-Schenectady-Troy, NY 1986, 1987, 1988 +49%     1978-1979
Allentown-Bethlehem-Easton, PA-NJ 1987, 1988, 1989 +48%      
Atlantic City, NJ 2004 +40%     1978-1983
Baltimore-Towson, MD 2004 +36%      
Hagerstown-Martinsburg, MD-WV 2004 +30%     1978-1987
Kingston, NY 2003, 2004 +41%     1978-1985
New York-Wayne-White Plains Metro Div, NY 1985, 1986, 1987, 1988 +67%      
2002 +30%      
2004 +33%      
Ocean City, NJ 2002, 2003, 2004 +44%     1978-1985
Philadelphia Metro Div, PA 1987, 1988, 1989 +42%      
2004 +30%      
Poughkeepsie-Newburgh-Middletown, NY 1986, 1987, 1988 +63%     1978-1980
2003, 2004 +41%      
Scranton-Wilkes-Barre-Hazelton, PA 1988 +31%     1978-1983
Trenton-Ewing, NJ 1986, 1987, 1988 +61%      
2004 +32%      
Virginia Beach-Norfolk-Newport News, VA-NC 2004 +31%      
Washington-Arlington-Alexandria Metro Div, DC 1988 +31%      
2003, 2004 +40%      
Winchester, VA-WV 2004 +35%     1978-1988
Florida
Cape Coral-Fort Myers, FL 2003, 2004 +38%     1978-1982
Deltona-Daytona Beach-Ormond Beach, FL 2004 +35%      
Fort Walton Beach-Crestview-Destin, FL 2004 +32%     1978-1986
Miami-Fort Lauderdale-Miami Beach, FL 2003, 2004 +45%      
Naples-Marco Island, FL 2002, 2003, 2004 +35%     1978-1983
Palm Bay-Melbourne-Titusville, FL 2004 +43%     1978-1979
Panama City-Lynn Haven, FL 2004 +30%     1978-1985
Port St. Lucie-Fort Pierce, FL 2003, 2004 +54%     1978-1979
Punta Gorda, FL 2003, 2004 +42%     1978-1986
Sarasota-Bradenton-Venice, FL 2004 +37%      
Vero Beach, FL 2004 +38%     1978-1984
Other
Honolulu, HI 1980 +30% 1996, 1997, 1998, 1999, 2000, 2001 -16%  
1989, 1990, 1991 +60%      
2004 +35%      
Peoria, IL     1984, 1985, 1986, 1987, 1988 -16%  
* A city must include at least one 5-year period where nominal prices declined by more than 15 percent.
Source: FDIC (Office of Federal Housing Enterprise Oversight House Price Index, nominal and real, using Bureau of Labor Statistics Consumer Price Index less shelter inflation index).