If you take out the obvious housing bubble, the graph shows how prices for housing today are at the upper range of historical experience when adjusted for inflation. These are prices in December 2012 dollars going back to 1890, over 120 years. It doesn't get more current than that. Housing assets are still expensive on this showing, about 12% too expensive, imho. Price discovery is being impeded by Federal Reserve zero interest rate policy. See the graph here.
