Growth in U.S. home prices has outstripped growth in incomes for five consecutive years
Year Quarter Home Price Index Percent change from year ago Disposable Per Capita Income (4-quarter moving average) Percent change from year ago Recession?
1989 1 5.74% 7.71% No
2 4.89% 6.60% No
3 6.15% 5.64% No
4 6.01% 5.23% No
1990 1 5.04% 5.09% No
2 3.62% 5.73% No
3 1.63% 5.86% No
4 0.20% 4.83% Yes
1991 1 0.55% 3.13% Yes
2 1.02% 2.69% No
3 0.70% 2.28% No
4 2.54% 3.07% No
1992 1 2.44% 4.64% No
2 1.78% 4.78% No
3 2.80% 4.94% No
4 1.85% 5.72% No
1993 1 1.02% 1.85% No
2 2.08% 2.57% No
3 1.67% 1.95% No
4 2.02% 1.82% No
1994 1 2.66% 2.83% No
2 2.13% 3.16% No
3 1.79% 4.28% No
4 0.77% 4.18% No
1995 1 0.66% 5.78% No
2 2.10% 3.81% No
3 3.42% 3.20% No
4 4.50% 2.29% No
1996 1 5.39% 2.97% No
2 3.68% 4.00% No
3 2.49% 4.31% No
4 2.58% 4.54% No
1997 1 2.26% 4.19% No
2 3.00% 3.71% No
3 4.13% 3.87% No
4 4.59% 4.36% No
1998 1 5.24% 5.19% No
2 5.23% 5.84% No
3 5.11% 5.87% No
4 4.98% 5.35% No
1999 1 4.49% 4.09% No
2 5.08% 3.23% No
3 5.31% 2.85% No
4 5.26% 3.78% No
2000 1 6.33% 5.95% No
2 6.71% 6.37% No
3 7.10% 7.15% No
4 7.62% 5.64% No
2001 1 8.13% 3.63% No
2 8.23% 2.66% Yes
3 7.92% 3.83% Yes
4 7.54% 1.90% Yes
2002 1 6.62% 3.62% No
2 6.72% 4.84% No
3 7.24% 1.94% No
4 7.60% 3.67% No
2003 1 7.25% 2.07% No
2 6.53% 1.92% No
3 6.02% 4.31% No
4 8.21% 4.58% No
2004 1 8.32% 4.77% No
2 9.36% 4.92% No
Source: Office of Federal Housing Enterprise Oversight; U.S. Bureau of the Census