Case-Shiller, CoreLogic and others report nominal house prices, and it is also useful to look at house prices in real terms (adjusted for inflation) and as a price-to-rent ratio. As an example, if a house price was $200,000 in January 2000, the price would be close to $275,000 today adjusted for inflation. This is why economists also look at real house prices (inflation adjusted).
via Calculated Risk: Real House Prices, Price-to-Rent Ratio, City Prices relative to 2000.
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