The Dallas Federal Reserve updated their International House Price Database with the number for the first quarter of 2013 last week. They are tracking house prices since 1975 so this provides for nice opportunity to see where we are standing on a long term basis.
In a in a recent post I mentioned that house prices in the Netherlands are now at 1999 levels adjusted for inflation (blogpost).
These new released numbers from the Dallas Fed show that the Dutch Real House Price Index (house prices adjusted for inflation) are approaching the levels of the last top in 1978. Although I never expect (and hope) that house prices will approach the same level as the bottom of 1985 but it wil be interesting to see if prices will go lower than the top in the 1970s. My argument for this is that Dutch society went in a few decades from having almost only single-income households to now the majority being two-income households. In 2009 the CBS reported that two-income households made up 57% of all households. Two-income households make more money than single-income households. Because of this the amount of money the average household can spend is a lot higher these days and thus they are able to afford a higher price for their house. Source: CBS (PDF)
Just for reference here is also the chart with the Dutch House Price Index from the Dallas Fed.