There is a chart, very familiar to many, showing the housing bubble, which shows the median house price since 1970, using Case-Schiller national index since 1987 and U.S. Census data 1970-86.
The median house price, nationally, has come down significantly from the top of the bubble, but is still above the long-term trend line support. It can be argued that houses are still overpriced.
However, by one measure, the average house is underpriced. From http://chartoftheday.com we have the median single family home priced in ounces of gold.
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