Housing over the LONG Term

Below is a chart of housing prices in a number of regions over the long term (i.e. 10, 15, and 20 year periods). As can be seen, changes in the price have been widely varied by city and a number actually appear "cheap" relative to the 20 year inflation rate of 2.5%. Interesting (to me) is that while a lot of markets still appear to be extended over 10 and 15 year periods, prices look quite reasonable over a 20 year period.