Finance and Economics Discussion Series: 2010-16 Screen Reader version
♣
Joseph B. Nichols
Stephen D. Oliner
Michael R. Mulhall
Federal Reserve Board
Revised: February 2010
Initial draft: May 2009
Figure 1: Median Half-Yearly Sample Size Across MSAs
| | Residential | Commercial/industrial |
| 1995:H1 | 82.5 | 90 |
| 1995:H2 | 103 | 113 |
| 1996:H1 | 89 | 127 |
| 1996:H2 | 95 | 109 |
| 1997:H1 | 88 | 121 |
| 1997:H2 | 96 | 136 |
| 1998:H1 | 115 | 158.5 |
| 1998:H2 | 135 | 152 |
| 1999:H1 | 144 | 148 |
| 1999:H2 | 127 | 176 |
| 2000:H1 | 132 | 168 |
| 2000:H2 | 142 | 170 |
| 2001:H1 | 119 | 133 |
| 2001:H2 | 120 | 132 |
| 2002:H1 | 131 | 119 |
| 2002:H2 | 138 | 145 |
| 2003:H1 | 135 | 132 |
| 2003:H2 | 174 | 159 |
| 2004:H1 | 204 | 143 |
| 2004:H2 | 150 | 150 |
| 2005:H1 | 117 | 122 |
| 2005:H2 | 99 | 110 |
| 2006:H1 | 87 | 134 |
| 2006:H2 | 44 | 121 |
| 2007:H1 | 34 | 130 |
| 2007:H2 | 26 | 111 |
| 2008:H1 | 17 | 80 |
| 2008:H2 | 22 | 59 |
| 2009:H1 | 13 | 32 |
Figure 6 (1 of 2): National Land Price Indexes Composite of Commercial/Industrial and Residential Land Prices
| | Composite |
| 1995:H2 | 62.84 |
| 1996:H1 | 64.95 |
| 1996:H2 | 68.21 |
| 1997:H1 | 73.11 |
| 1997:H2 | 77.97 |
| 1998:H1 | 79.58 |
| 1998:H2 | 81.51 |
| 1999:H1 | 82.01 |
| 1999:H2 | 85.33 |
| 2000:H1 | 88.65 |
| 2000:H2 | 94.95 |
| 2001:H1 | 91.60 |
| 2001:H2 | 93.36 |
| 2002:H1 | 95.20 |
| 2002:H2 | 100.00 |
| 2003:H1 | 104.60 |
| 2003:H2 | 117.45 |
| 2004:H1 | 134.59 |
| 2004:H2 | 151.57 |
| 2005:H1 | 190.83 |
| 2005:H2 | 214.11 |
| 2006:H1 | 223.09 |
| 2006:H2 | 226.30 |
| 2007:H1 | 227.05 |
| 2007:H2 | 223.00 |
| 2008:H1 | 205.18 |
| 2008:H2 | 175.21 |
| 2009:H1 | 131.27 |
Figure 6 (2 of 2): National Land Price Indexes Property Type Indexes
| | Residential | Commercial/Industrial |
| 1995:H2 | 55.98385 | 69.17366 |
| 1996:H1 | 57.35673 | 72.10477 |
| 1996:H2 | 58.70472 | 77.36776 |
| 1997:H1 | 64.3264 | 81.33449 |
| 1997:H2 | 68.92853 | 85.83014 |
| 1998:H1 | 70.95673 | 87.529 |
| 1998:H2 | 73.33736 | 88.39984 |
| 1999:H1 | 74.43083 | 88.71866 |
| 1999:H2 | 78.71 | 90.91002 |
| 2000:H1 | 80.96931 | 94.79059 |
| 2000:H2 | 87.66039 | 100.34058 |
| 2001:H1 | 87.0054 | 94.96137 |
| 2001:H2 | 91.64938 | 94.06351 |
| 2002:H1 | 93.89435 | 96.32907 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 107.04724 | 102.41879 |
| 2003:H2 | 122.0426 | 113.66667 |
| 2004:H1 | 146.63847 | 123.97379 |
| 2004:H2 | 167.19657 | 138.41691 |
| 2005:H1 | 219.37228 | 168.55636 |
| 2005:H2 | 255.43556 | 184.83623 |
| 2006:H1 | 265.4616 | 194.29356 |
| 2006:H2 | 265.35543 | 204.93035 |
| 2007:H1 | 258.00274 | 211.02364 |
| 2007:H2 | 258.46756 | 207.34212 |
| 2008:H1 | 216.77722 | 197.09191 |
| 2008:H2 | 172.9617 | 172.737 |
| 2009:H1 | 118.12817 | 133.80322 |
Figure 7 (1 of 9): Aggregate Land Price Indexes by MSA South Florida, Orlando, and Tampa
| | South Florida | Orlando | Tampa |
| 1995:H2 | | 68.91475 | |
| 1996:H1 | | 63.65387 | |
| 1996:H2 | | 75.50283 | |
| 1997:H1 | | 80.78329 | |
| 1997:H2 | | 82.67938 | |
| 1998:H1 | 92.61677 | 81.48103 | 80.92074 |
| 1998:H2 | 83.44354 | 79.54876 | 85.94179 |
| 1999:H1 | 82.56371 | 83.77798 | 87.37159 |
| 1999:H2 | 81.39959 | 77.5149 | 92.57047 |
| 2000:H1 | 81.69315 | 81.51363 | 88.50599 |
| 2000:H2 | 88.95852 | 86.13968 | 97.71648 |
| 2001:H1 | 82.67111 | 95.24668 | 109.4831 |
| 2001:H2 | 92.28395 | 95.12294 | 106.06692 |
| 2002:H1 | 84.54384 | 94.12938 | 95.93493 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 108.04742 | 96.79257 | 106.18365 |
| 2003:H2 | 128.51816 | 114.93539 | 124.65005 |
| 2004:H1 | 151.51281 | 122.98596 | 141.47743 |
| 2004:H2 | 151.60375 | 147.19676 | 161.6236 |
| 2005:H1 | 200.89255 | 189.51538 | 205.50496 |
| 2005:H2 | 226.55102 | 206.88647 | 231.49776 |
| 2006:H1 | 246.57598 | 211.99659 | 223.06656 |
| 2006:H2 | 269.28497 | 266.55222 | 229.53837 |
| 2007:H1 | 257.48725 | 218.27815 | 254.61948 |
| 2007:H2 | 298.52993 | 253.09633 | 234.76152 |
| 2008:H1 | 188.06172 | 256.07495 | 217.79847 |
| 2008:H2 | 186.19047 | 238.906 | 190.44628 |
| 2009:H1 | 68.77705 | 192.37954 | 154.96049 |
Figure 7 (2 of 9): Aggregate Land Price Indexes by MSA Boston, Baltimore, and Philadelphia
| | Boston | Baltimore | Philadelphia |
| 1995:H2 | 74.90384 | N/A | N/A |
| 1996:H1 | 73.67475 | 70.55413 | N/A |
| 1996:H2 | 72.30478 | 88.62998 | N/A |
| 1997:H1 | 93.48212 | 80.5252 | N/A |
| 1997:H2 | 94.17645 | 81.45659 | N/A |
| 1998:H1 | 88.5414 | 91.97991 | N/A |
| 1998:H2 | 77.90422 | 84.64535 | N/A |
| 1999:H1 | 101.68402 | 83.74447 | 95.37173 |
| 1999:H2 | 88.90516 | 88.53254 | 94.67048 |
| 2000:H1 | 107.85311 | 88.4529 | 99.7996 |
| 2000:H2 | 95.18003 | 93.09032 | 102.02544 |
| 2001:H1 | 91.82368 | 102.28573 | 100.48437 |
| 2001:H2 | 114.32785 | 95.94453 | 100.84273 |
| 2002:H1 | 94.40275 | 100.25031 | 101.41715 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 113.86006 | 90.01445 | 122.95546 |
| 2003:H2 | 122.93677 | 113.71214 | 130.20657 |
| 2004:H1 | 114.60256 | 114.88943 | 128.78215 |
| 2004:H2 | 180.07442 | 119.20804 | 148.68384 |
| 2005:H1 | 162.77521 | 148.80998 | 171.26673 |
| 2005:H2 | 242.95353 | 179.75057 | 243.23357 |
| 2006:H1 | 194.31299 | 169.45208 | 183.90553 |
| 2006:H2 | 203.56191 | 192.86109 | 205.28971 |
| 2007:H1 | 177.09214 | 166.56243 | 202.35472 |
| 2007:H2 | 207.48731 | 189.06109 | 242.1657 |
| 2008:H1 | 206.26674 | 152.7145 | 224.80249 |
| 2008:H2 | 219.26262 | 150.32058 | 165.60777 |
| 2009:H1 | N/A | N/A | 215.2117 |
Figure 7 (3 of 9): Aggregate Land Price Indexes by MSA Washington, DC and New York City
| | Washington, DC | New York City |
| 1995:H2 | 69.60248 | N/A |
| 1996:H1 | 66.78344 | N/A |
| 1996:H2 | 67.77478 | N/A |
| 1997:H1 | 74.11887 | N/A |
| 1997:H2 | 77.3755 | N/A |
| 1998:H1 | 81.01791 | N/A |
| 1998:H2 | 80.21176 | N/A |
| 1999:H1 | 79.50105 | 79.29303 |
| 1999:H2 | 85.5046 | 82.12563 |
| 2000:H1 | 92.44096 | 90.21991 |
| 2000:H2 | 90.66489 | 86.60436 |
| 2001:H1 | 92.3301 | 89.86874 |
| 2001:H2 | 95.67626 | 90.24698 |
| 2002:H1 | 99.92003 | 93.35974 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 117.79787 | 116.36714 |
| 2003:H2 | 112.94152 | 103.24525 |
| 2004:H1 | 126.04893 | 116.07658 |
| 2004:H2 | 168.4721 | 122.7255 |
| 2005:H1 | 152.10487 | 155.25209 |
| 2005:H2 | 186.35812 | 193.39799 |
| 2006:H1 | 227.25442 | 234.61601 |
| 2006:H2 | 236.05626 | 222.5719 |
| 2007:H1 | 352.36592 | 260.92948 |
| 2007:H2 | 273.81979 | 355.11802 |
| 2008:H1 | 235.51396 | 286.18836 |
| 2008:H2 | 214.98541 | 216.77288 |
| 2009:H1 | 198.19872 | 201.85511 |
Figure 7 (4 of 9): Aggregate Land Price Indexes by MSA Los Angeles and San Diego
| | Los Angeles | San Diego |
| 1995:H2 | 60.1409 | 51.8228 |
| 1996:H1 | 56.09968 | 53.20808 |
| 1996:H2 | 59.21887 | 54.3088 |
| 1997:H1 | 63.83108 | 65.40968 |
| 1997:H2 | 73.66812 | 63.37505 |
| 1998:H1 | 74.11146 | 76.31505 |
| 1998:H2 | 77.8645 | 68.68083 |
| 1999:H1 | 62.90466 | 74.70673 |
| 1999:H2 | 76.49843 | 77.34456 |
| 2000:H1 | 69.62127 | 76.18543 |
| 2000:H2 | 81.0098 | 82.13549 |
| 2001:H1 | 93.57565 | 71.77026 |
| 2001:H2 | 92.15484 | 93.49147 |
| 2002:H1 | 100.82337 | 85.83872 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 115.43068 | 114.14507 |
| 2003:H2 | 136.11093 | 114.54528 |
| 2004:H1 | 150.62152 | 160.27165 |
| 2004:H2 | 162.12541 | 134.46046 |
| 2005:H1 | 194.21585 | 167.21329 |
| 2005:H2 | 251.88438 | 219.96538 |
| 2006:H1 | 246.25564 | 185.42865 |
| 2006:H2 | 256.07495 | 165.7317 |
| 2007:H1 | 199.39149 | 188.00531 |
| 2007:H2 | 201.35513 | 157.60158 |
| 2008:H1 | 169.57074 | 138.66628 |
| 2008:H2 | 138.97168 | 163.19898 |
| 2009:H1 | 124.44579 | N/A |
Figure 7 (5 of 9): Aggregate Land Price Indexes by MSA San Francisco and Sacramento
| | San Francisco | Sacramento |
| 1995:H2 | 67.98385 | 71.77744 |
| 1996:H1 | 59.39204 | 62.18229 |
| 1996:H2 | 68.26316 | 75.73726 |
| 1997:H1 | 78.51347 | 69.12871 |
| 1997:H2 | 72.63669 | 73.51358 |
| 1998:H1 | 88.27617 | 72.30333 |
| 1998:H2 | 90.05046 | 71.80615 |
| 1999:H1 | 90.80099 | 78.74936 |
| 1999:H2 | 97.17079 | 90.22172 |
| 2000:H1 | 100.98482 | 91.91555 |
| 2000:H2 | 109.83401 | 90.17662 |
| 2001:H1 | 115.87015 | 92.01671 |
| 2001:H2 | 121.47035 | 79.70802 |
| 2002:H1 | 117.26897 | 96.41581 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 117.03467 | 107.48703 |
| 2003:H2 | 146.55052 | 107.00442 |
| 2004:H1 | 134.17839 | 121.08226 |
| 2004:H2 | 196.46223 | 149.24215 |
| 2005:H1 | 242.78352 | 181.57525 |
| 2005:H2 | 219.02156 | 204.09186 |
| 2006:H1 | 246.32953 | 224.45387 |
| 2006:H2 | 306.39349 | 236.31607 |
| 2007:H1 | 254.9507 | 189.97076 |
| 2007:H2 | 271.25794 | 219.52489 |
| 2008:H1 | 279.12792 | 249.07902 |
| 2008:H2 | 187.98651 | N/A |
| 2009:H1 | N/A | N/A |
Figure 7 (6 of 9): Aggregate Land Price Indexes by MSA Seattle and Portland
| | Seattle | Portland |
| 1995:H2 | 61.01808 | 64.9599 |
| 1996:H1 | 68.94266 | 75.41983 |
| 1996:H2 | 68.7732 | 80.54131 |
| 1997:H1 | 65.16159 | 86.06219 |
| 1997:H2 | 69.0271 | 86.74477 |
| 1998:H1 | 74.36461 | 82.25878 |
| 1998:H2 | 87.99414 | 89.28828 |
| 1999:H1 | 81.59518 | 91.77778 |
| 1999:H2 | 87.33665 | 100.4912 |
| 2000:H1 | 96.8991 | 102.12221 |
| 2000:H2 | 99.93002 | 112.01919 |
| 2001:H1 | 85.68435 | 87.23191 |
| 2001:H2 | 84.84026 | 94.72426 |
| 2002:H1 | 95.09441 | 97.71648 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 101.30849 | 116.42767 |
| 2003:H2 | 106.40687 | 104.09149 |
| 2004:H1 | 124.6326 | 133.18914 |
| 2004:H2 | 140.3403 | 153.46464 |
| 2005:H1 | 184.74383 | 194.19643 |
| 2005:H2 | 214.40574 | 210.98144 |
| 2006:H1 | 252.38866 | 231.96122 |
| 2006:H2 | 271.63797 | 250.60304 |
| 2007:H1 | 247.49 | 245.49343 |
| 2007:H2 | 283.65825 | 210.77057 |
| 2008:H1 | 261.24801 | 201.43569 |
| 2008:H2 | 225.55639 | 192.78396 |
| 2009:H1 | 104.66557 | N/A |
Figure 7 (7 of 9): Aggregate Land Price Indexes by MSA Phoenix, Tucson, and Las Vegas
| | Phoenix | Tucson | Las Vegas |
| 1995:H2 | 55.74291 | 54.37313 | 59.7417 |
| 1996:H1 | 58.54936 | 63.02303 | 61.56787 |
| 1996:H2 | 61.36687 | 59.93437 | 67.11249 |
| 1997:H1 | 75.33691 | 62.59461 | 66.74439 |
| 1997:H2 | 77.92682 | 71.8277 | 71.66985 |
| 1998:H1 | 78.8518 | 69.50302 | 70.15241 |
| 1998:H2 | 89.01191 | 80.01148 | 72.68029 |
| 1999:H1 | 90.91002 | 73.88946 | 75.35198 |
| 1999:H2 | 91.74107 | 79.98749 | 81.05032 |
| 2000:H1 | 93.36067 | 77.26725 | 87.33665 |
| 2000:H2 | 105.42188 | 88.12623 | 91.01007 |
| 2001:H1 | 99.67054 | 83.9541 | 89.8975 |
| 2001:H2 | 102.79844 | 97.90231 | 83.76122 |
| 2002:H1 | 95.638 | 99.02479 | 98.27505 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 100.30045 | 98.97529 | 111.952 |
| 2003:H2 | 120.67128 | 116.75412 | 121.66486 |
| 2004:H1 | 135.35084 | 119.20804 | 169.77435 |
| 2004:H2 | 170.23336 | 125.34503 | 217.47202 |
| 2005:H1 | 222.04281 | 171.99582 | 267.4333 |
| 2005:H2 | 258.41587 | 196.44258 | 305.17036 |
| 2006:H1 | 283.17645 | 207.30066 | 344.21628 |
| 2006:H2 | 271.61081 | 196.0697 | 302.70847 |
| 2007:H1 | 279.82662 | 223.98301 | 366.78292 |
| 2007:H2 | 267.51354 | 205.99877 | 385.54973 |
| 2008:H1 | 244.2446 | 221.00165 | 298.20172 |
| 2008:H2 | 199.61094 | 195.67795 | 225.0157 |
| 2009:H1 | 150.00523 | N/A | N/A |
Figure 7 (8 of 9): Aggregate Land Price Indexes by MSA Atlanta, Chicago, and Detroit
| | Atlanta | Chicago | Detroit |
| 1995:H2 | 72.49881 | 77.66931 | N/A |
| 1996:H1 | 73.47683 | 80.89728 | N/A |
| 1996:H2 | 74.54554 | 78.20943 | N/A |
| 1997:H1 | 80.62592 | 81.18497 | N/A |
| 1997:H2 | 84.01877 | 81.86489 | N/A |
| 1998:H1 | 84.89288 | 79.13618 | N/A |
| 1998:H2 | 90.07748 | 67.42866 | N/A |
| 1999:H1 | 94.21413 | 74.11517 | N/A |
| 1999:H2 | 93.93191 | 75.02341 | N/A |
| 2000:H1 | 95.5042 | 82.67111 | 103.44087 |
| 2000:H2 | 99.93002 | 90.63769 | 100.72763 |
| 2001:H1 | 91.51201 | 85.12069 | 100.70246 |
| 2001:H2 | 98.37337 | 86.38121 | 95.58732 |
| 2002:H1 | 95.49465 | 86.10523 | 92.33287 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 95.64756 | 106.25801 | 94.63243 |
| 2003:H2 | 110.51709 | 122.45825 | 119.12105 |
| 2004:H1 | 113.03191 | 142.57529 | 130.83542 |
| 2004:H2 | 121.42177 | 141.89256 | 133.01211 |
| 2005:H1 | 174.03739 | 165.23525 | 190.74552 |
| 2005:H2 | 167.61508 | 206.78305 | 159.8347 |
| 2006:H1 | 165.53294 | 203.94905 | 175.85155 |
| 2006:H2 | 175.17232 | 225.48873 | 180.015 |
| 2007:H1 | 180.07442 | 194.8968 | 136.649105 |
| 2007:H2 | 159.45635 | 197.86207 | 93.28321 |
| 2008:H1 | 171.01823 | 158.9628 | 127.51579 |
| 2008:H2 | 155.2552 | 119.21996 | 68.91268 |
| 2009:H1 | 104.07067 | 90.98277 | N/A |
Figure 7 (9 of 9): Aggregate Land Price Indexes by MSA Dallas, Houston, and Denver
| | Dallas | Houston | Denver |
| 1995:H2 | N/A | N/A | N/A |
| 1996:H1 | 64.67471 | N/A | 65.00149 |
| 1996:H2 | 72.91324 | N/A | 65.00669 |
| 1997:H1 | 78.26263 | N/A | 63.75644 |
| 1997:H2 | 91.77778 | N/A | 64.41459 |
| 1998:H1 | 105.5168 | N/A | 70.29286 |
| 1998:H2 | 94.9139 | N/A | 71.54812 |
| 1999:H1 | 87.13601 | N/A | 72.56409 |
| 1999:H2 | 87.87982 | N/A | 78.76511 |
| 2000:H1 | 82.93608 | 90.51089 | 83.79474 |
| 2000:H2 | 92.72797 | 107.15434 | 97.00574 |
| 2001:H1 | 88.1703 | 88.32032 | 87.99414 |
| 2001:H2 | 94.16704 | 87.44152 | 83.37681 |
| 2002:H1 | 94.87594 | 111.67247 | 87.85346 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 96.87972 | 119.1008 | 97.56025 |
| 2003:H2 | 119.11271 | 117.9629 | 98.70841 |
| 2004:H1 | 139.05509 | 133.29573 | 117.9983 |
| 2004:H2 | 149.79537 | 128.69821 | 103.63449 |
| 2005:H1 | 138.66628 | 191.88 | 109.92191 |
| 2005:H2 | 106.59858 | 216.25758 | 105.89735 |
| 2006:H1 | 128.36403 | 211.36155 | 113.41687 |
| 2006:H2 | 161.76913 | 178.92562 | 128.96876 |
| 2007:H1 | 110.74942 | 203.4805 | 150.33561 |
| 2007:H2 | 121.30041 | 198.06003 | 136.11093 |
| 2008:H1 | 130.91787 | 166.3294 | 142.17663 |
| 2008:H2 | 113.03191 | 184.02474 | 122.77706 |
| 2009:H1 | N/A | 178.72891 | 115.78907 |
Figure 8 (1 of 9): Commercial/Industrial Land Price Indexes by MSA Washington, DC and New York City
| | Washington, DC | New York City |
| 1995:H2 | 69.5377788867305 | N/A |
| 1996:H1 | 66.4712940462091 | N/A |
| 1996:H2 | 67.8208850086628 | N/A |
| 1997:H1 | 70.4335833745186 | N/A |
| 1997:H2 | 71.8995629400008 | N/A |
| 1998:H1 | 83.4268488311645 | N/A |
| 1998:H2 | 77.9034458355866 | N/A |
| 1999:H1 | 79.2391255246847 | 103.334384980309 |
| 1999:H2 | 84.6876841882357 | 110.351440439439 |
| 2000:H1 | 88.736400781905 | 102.880712497782 |
| 2000:H2 | 88.488286381977 | 98.8368178843463 |
| 2001:H1 | 87.8886072543752 | 97.5114869550825 |
| 2001:H2 | 93.8098804720864 | 96.8119256916563 |
| 2002:H1 | 84.6876841882357 | 96.9184774026141 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 116.614099199925 | 113.428216828302 |
| 2003:H2 | 99.5410563795972 | 115.916509466693 |
| 2004:H1 | 96.0981616257224 | 128.942966441381 |
| 2004:H2 | 135.730348511412 | 142.689392291092 |
| 2005:H1 | 126.934370603641 | 180.687710719968 |
| 2005:H2 | 165.582603646327 | 214.255705234271 |
| 2006:H1 | 213.528472832126 | 236.836537027696 |
| 2006:H2 | 231.914828560477 | 235.090415272314 |
| 2007:H1 | 329.629793215688 | 275.88115798804 |
| 2007:H2 | 243.756599891195 | 316.198501599012 |
| 2008:H1 | 233.567283115245 | 265.54124738248 |
| 2008:H2 | 214.684645441968 | 246.649965051756 |
| 2009:H1 | 170.26740741304 | 191.439184924489 |
Figure 8 (2 of 9): Commercial/Industrial Land Price Indexes by MSA South Florida, Orlando, and Tampa
| | South Florida | Orlando | Tampa |
| 1995:H2 | N/A | 87.1621507789975 | N/A |
| 1996:H1 | N/A | 72.6657519347675 | N/A |
| 1996:H2 | N/A | 82.299924144542 | N/A |
| 1997:H1 | N/A | 102.429031789062 | N/A |
| 1997:H2 | N/A | 105.137622874219 | N/A |
| 1998:H1 | 110.318339972626 | 100.350613215209 | 94.27067691571 |
| 1998:H2 | 94.8380012482298 | 93.5569354242904 | 92.7001588338254 |
| 1999:H1 | 99.2528054819138 | 92.1640541191412 | 95.5806301455408 |
| 1999:H2 | 94.7526854449767 | 90.9736756401554 | 99.9100404878527 |
| 2000:H1 | 93.0437847374124 | 95.4182811100726 | 101.612868540609 |
| 2000:H2 | 102.664889694795 | 98.137561774015 | 98.0688895188666 |
| 2001:H1 | 96.6668166620989 | 101.643356974208 | 111.766311381565 |
| 2001:H2 | 95.0468745273374 | 104.477337931572 | 110.318339972626 |
| 2002:H1 | 92.514943792937 | 105.158652501687 | 97.6578639408087 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 104.299877341328 | 97.2971974886245 | 102.470011597193 |
| 2003:H2 | 130.618411868158 | 104.320739402933 | 119.053168326383 |
| 2004:H1 | 141.867026530191 | 111.326818484272 | 119.187774444726 |
| 2004:H2 | 148.997598145711 | 131.022646982443 | 138.763380774081 |
| 2005:H1 | 188.721085310831 | 176.05037681554 | 159.328830981863 |
| 2005:H2 | 212.56975344085 | 184.282551543871 | 187.198618833124 |
| 2006:H1 | 232.54184468845 | 203.500850856736 | 190.598702927192 |
| 2006:H2 | 241.814326544233 | 252.615908256626 | 199.890593823207 |
| 2007:H1 | 281.313635079925 | 207.404332671214 | 211.700001661267 |
| 2007:H2 | 323.167312992081 | 243.927289245423 | 206.597031035241 |
| 2008:H1 | 211.657665894653 | 242.540858777316 | 192.110396005922 |
| 2008:H2 | 194.994272431864 | 218.059985108652 | 160.753186557994 |
| 2009:H1 | 84.5692043855857 | 195.033275186496 | 170.540053323464 |
Figure 8 (3 of 9): Commercial/Industrial Land Price Indexes by MSA Boston, Baltimore, and Philadelphia
| | Boston | Baltimore | Philadelphia |
| 1995:H2 | 81.2824548684667 | N/A | N/A |
| 1996:H1 | 83.5037997707256 | 88.1438541445181 | N/A |
| 1996:H2 | 85.7251446729846 | 109.570720049377 | N/A |
| 1997:H1 | 135.906912706337 | 97.0445533548508 | N/A |
| 1997:H2 | 119.005556582036 | 94.6958508857825 | N/A |
| 1998:H1 | 92.8383850234261 | 105.506249274173 | N/A |
| 1998:H2 | 87.5710256655996 | 103.2414258717 | 100.788089203124 |
| 1999:H1 | 108.101455180965 | 98.629478349498 | 101.063616610437 |
| 1999:H2 | 98.3537020770746 | 100.270364828272 | 94.9309880455417 |
| 2000:H1 | 122.519498161989 | 108.708521529288 | 110.872421671586 |
| 2000:H2 | 107.497778903136 | 117.04637057586 | 106.68175881291 |
| 2001:H1 | 95.1705158136462 | 127.481363589331 | 94.8427432668417 |
| 2001:H2 | 122.789337772682 | 107.047235036163 | 96.5267513498309 |
| 2002:H1 | 108.480473168663 | 105.918527065473 | 103.412948963426 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 109.921907954503 | 98.4127320055285 | 117.184566812884 |
| 2003:H2 | 124.15989192537 | 120.828258483583 | 126.248247388534 |
| 2004:H1 | 118.755907136878 | 114.659880582573 | 107.732379683085 |
| 2004:H2 | 192.841804306388 | 122.286932123182 | 159.820320286277 |
| 2005:H1 | 173.411986106907 | 155.971014576352 | 175.20385575394 |
| 2005:H2 | 268.317286738586 | 189.610162105618 | 220.26914522014 |
| 2006:H1 | 201.637228834884 | 178.443171929101 | 169.076315835888 |
| 2006:H2 | 218.431002358645 | 208.360590307865 | 187.869990927548 |
| 2007:H1 | 198.297848548353 | 183.198485628904 | 196.026565044581 |
| 2007:H2 | 213.187100446329 | 201.093542623704 | 233.936611114854 |
| 2008:H1 | 216.300833411795 | 185.465742044734 | 219.521501840367 |
| 2008:H2 | 255.946947324182 | 170.523000170804 | 176.205369333843 |
| 2009:H1 | N/A | N/A | 210.303176243651 |
Figure 8 (4 of 9): Commercial/Industrial Land Price Indexes by MSA Los Angeles and San Diego
| | Los Angeles | San Diego |
| 1995:H2 | 65.241135723155 | 57.6332804240532 |
| 1996:H1 | 63.9927749760696 | 57.0484088794329 |
| 1996:H2 | 66.9556316591654 | 61.1665325381968 |
| 1997:H1 | 66.7383790829369 | 72.9956745014535 |
| 1997:H2 | 72.6642986342619 | 73.7661670909258 |
| 1998:H1 | 75.7342260686788 | 89.8579586148063 |
| 1998:H2 | 76.7689442008339 | 87.5683985742363 |
| 1999:H1 | 69.3461192289963 | 87.1211941936828 |
| 1999:H2 | 74.2449814862741 | 90.7120483784055 |
| 2000:H1 | 72.4469221880679 | 89.6569020549247 |
| 2000:H2 | 84.7639374128091 | 98.0669281606899 |
| 2001:H1 | 90.0324522586266 | 103.71535607391 |
| 2001:H2 | 93.5756486826387 | 99.1555853781733 |
| 2002:H1 | 102.952754208187 | 99.7942120343781 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 110.771573660669 | 106.278200173694 |
| 2003:H2 | 129.91367429395 | 112.786898693935 |
| 2004:H1 | 145.601026516452 | 144.777804735325 |
| 2004:H2 | 138.694016426226 | 150.310053787384 |
| 2005:H1 | 186.20909071913 | 169.440220972778 |
| 2005:H2 | 234.081696785656 | 221.140928983191 |
| 2006:H1 | 242.61363195038 | 209.181058591949 |
| 2006:H2 | 249.278360567038 | 197.373956562508 |
| 2007:H1 | 203.826712838175 | 217.413307744122 |
| 2007:H2 | 203.887870025146 | 201.581514781657 |
| 2008:H1 | 193.963536650575 | 185.749721819192 |
| 2008:H2 | 150.30554455341 | N/A |
| 2009:H1 | 144.238789412179 | N/A |
Figure 8 (5 of 9): Commercial/Industrial Land Price Indexes by MSA San Francisco and Sacramento
| | San Francisco | Sacramento |
| 1995:H2 | 61.8603970639844 | 93.3606720086126 |
| 1996:H1 | 62.0654942268153 | 74.8166299637333 |
| 1996:H2 | 59.0078323026865 | 105.86558103955 |
| 1997:H1 | 78.0906386471133 | 100.571627590953 |
| 1997:H2 | 71.7688247432971 | 90.5108909983126 |
| 1998:H1 | 79.5249004628254 | 85.526834969201 |
| 1998:H2 | 81.4240094567154 | 93.0065746660278 |
| 1999:H1 | 74.6171360046798 | 91.1466899354037 |
| 1999:H2 | 82.4646887024675 | 98.383212614057 |
| 2000:H1 | 90.4113837572307 | 101.025219731994 |
| 2000:H2 | 100.280392366123 | 94.5444586704345 |
| 2001:H1 | 102.009932499359 | 108.762889380883 |
| 2001:H2 | 99.5709231763066 | 87.1360060556683 |
| 2002:H1 | 83.6691378420365 | 96.9572525480873 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 99.2528054819139 | 114.694283706958 |
| 2003:H2 | 114.556733113372 | 117.011261931248 |
| 2004:H1 | 127.928330097004 | 142.889297341183 |
| 2004:H2 | 145.484592275145 | 161.252294654171 |
| 2005:H1 | 173.880831125347 | 183.106909282084 |
| 2005:H2 | 189.4017055994 | 185.818461932402 |
| 2006:H1 | 188.306355293441 | 212.974019903911 |
| 2006:H2 | 206.679686377621 | 248.755425284073 |
| 2007:H1 | 183.381775744316 | 215.890252004167 |
| 2007:H2 | 197.289104005793 | 237.476484893672 |
| 2008:H1 | 239.168945223717 | 259.062717783178 |
| 2008:H2 | 199.311750829134 | N/A |
| 2009:H1 | N/A | N/A |
Figure 8 (6 of 9): Commercial/Industrial Land Price Indexes by MSA Seattle and Portland
| | Seattle | Portland |
| 1995:H2 | 78.9527984549602 | 70.7095177857443 |
| 1996:H1 | 82.048471295727 | 75.7524044642555 |
| 1996:H2 | 84.9404298911738 | 81.783064440013 |
| 1997:H1 | 77.136006813024 | 85.9160095578183 |
| 1997:H2 | 87.1612791618477 | 89.2972047845815 |
| 1998:H1 | 89.7627596430435 | 92.1732709853887 |
| 1998:H2 | 97.4822378965741 | 93.3980237472658 |
| 1999:H1 | 89.7654525662264 | 89.8345985825023 |
| 1999:H2 | 92.4224750912006 | 99.8001998667333 |
| 2000:H1 | 99.8401279317606 | 105.390256207854 |
| 2000:H2 | 104.414670330973 | 115.765915911406 |
| 2001:H1 | 86.7170210714605 | 85.1802999613039 |
| 2001:H2 | 82.1938256906115 | 98.7479047651557 |
| 2002:H1 | 97.0348493847219 | 105.200724376501 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 99.8401279317606 | 119.625997223873 |
| 2003:H2 | 105.548460215508 | 105.464055213838 |
| 2004:H1 | 120.792015442766 | 124.682460096441 |
| 2004:H2 | 130.891689824952 | 139.710187257028 |
| 2005:H1 | 166.030280768323 | 155.783961613085 |
| 2005:H2 | 194.293555099083 | 169.012079041634 |
| 2006:H1 | 241.886881724929 | 175.716198669361 |
| 2006:H2 | 250.803605835036 | 195.052779489214 |
| 2007:H1 | 221.311273072566 | 210.644143498073 |
| 2007:H2 | 283.686622207384 | 187.442135289008 |
| 2008:H1 | 258.441712764603 | 185.169234127051 |
| 2008:H2 | 222.309417942982 | 184.393154252292 |
| 2009:H1 | 118.542338773222 | N/A |
Figure 8 (7 of 9): Commercial/Industrial Land Price Indexes by MSA Phoenix, Tucson, and Las Vegas
| | Phoenix | Tucson | Las Vegas |
| 1995:H2 | 52.9913761407952 | 61.9668885033186 | 65.8691491848036 |
| 1996:H1 | 56.3149581291616 | 73.9338064889532 | 75.6766899233712 |
| 1996:H2 | 62.319238730053 | 80.1636512630616 | 81.4891747269133 |
| 1997:H1 | 71.9427156222749 | 74.7590433323596 | 77.0512038557072 |
| 1997:H2 | 76.5519952163521 | 86.5714587826194 | 89.7448088862504 |
| 1998:H1 | 78.9859655949231 | 77.4839010185738 | 81.6849836229449 |
| 1998:H2 | 87.3890672345855 | 93.3513364081996 | 86.4935795206398 |
| 1999:H1 | 89.7178894816971 | 83.6942423488768 | 82.9112025237502 |
| 1999:H2 | 92.8857446754728 | 105.305977718778 | 93.2673580013838 |
| 2000:H1 | 91.8604140222612 | 87.756873168758 | 106.609239876151 |
| 2000:H2 | 101.166754090552 | 101.653521818139 | 98.9258110613648 |
| 2001:H1 | 93.6318109188343 | 92.7929053581925 | 100.642052376066 |
| 2001:H2 | 98.4816450346786 | 104.498235488844 | 81.7503577560099 |
| 2002:H1 | 95.5901886864745 | 100.080032008535 | 92.2654903583757 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 96.1366085792507 | 99.4117370820596 | 108.426246489878 |
| 2003:H2 | 110.009880665259 | 115.384518041502 | 109.046040830649 |
| 2004:H1 | 121.433912649637 | 115.419138589737 | 141.764919034199 |
| 2004:H2 | 139.808018625092 | 121.762227239035 | 177.58869708406 |
| 2005:H1 | 169.7234225493 | 153.219293488797 | 229.079747659914 |
| 2005:H2 | 183.473489558731 | 175.909592835188 | 251.733298046593 |
| 2006:H1 | 205.361160169238 | 177.180712442957 | 274.61501901356 |
| 2006:H2 | 208.903032712215 | 159.79155521756 | 257.899554633079 |
| 2007:H1 | 223.468437756143 | 198.774334939826 | 331.248942879474 |
| 2007:H2 | 222.554092849247 | 183.583606684301 | 359.987815839847 |
| 2008:H1 | 205.648867141363 | 185.428652605392 | 292.326166075557 |
| 2008:H2 | 181.775095877607 | 168.068256568447 | 196.875231605499 |
| 2009:H1 | 136.015681738314 | N/A | N/A |
Figure 8 (8 of 9): Commercial/Industrial Land Price Indexes by MSA Atlanta, Chicago, and Detroit
| | Atlanta | Chicago | Detroit |
| 1995:H2 | 78.4954126882185 | 81.0584245970187 | N/A |
| 1996:H1 | 82.0771932867357 | 88.6211184106655 | N/A |
| 1996:H2 | 85.5730319321417 | 81.99187737768 | N/A |
| 1997:H1 | 91.3967743249794 | 88.0645603633419 | N/A |
| 1997:H2 | 90.290313638092 | 84.4348461936811 | N/A |
| 1998:H1 | 93.0670485914573 | 82.7563034508029 | N/A |
| 1998:H2 | 97.4237660971302 | 71.3074055004428 | N/A |
| 1999:H1 | 103.717430401775 | 79.0736886940465 | N/A |
| 1999:H2 | 99.2528054819138 | 74.6201207498145 | N/A |
| 2000:H1 | 99.7203916343893 | 84.1305859191466 | 102.07523975225 |
| 2000:H2 | 103.014544395915 | 91.4479708522911 | 96.5337015261314 |
| 2001:H1 | 92.2046152257427 | 91.631049811929 | 99.9250281179701 |
| 2001:H2 | 101.207228886608 | 88.4617438776371 | 90.8091622168084 |
| 2002:H1 | 97.5407447896248 | 89.1098774171125 | 101.693174423404 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 96.2616674410515 | 109.013331924981 | 86.146573280822 |
| 2003:H2 | 112.975410178032 | 128.788327683463 | 114.245562183615 |
| 2004:H1 | 110.296278510851 | 143.261292898938 | 126.779605097659 |
| 2004:H2 | 122.128062399116 | 142.875009125872 | 125.568344243292 |
| 2005:H1 | 166.595744466493 | 168.590076566916 | 149.837322061313 |
| 2005:H2 | 160.576455272807 | 193.363180719437 | 162.365535599029 |
| 2006:H1 | 159.855484624676 | 190.008761829264 | 147.32634880546 |
| 2006:H2 | 169.401254203304 | 227.914415070808 | 159.964223321187 |
| 2007:H1 | 177.962025205266 | 192.552758438526 | 87.9853379144644 |
| 2007:H2 | 154.759172988878 | 199.251966272017 | 84.3647943468784 |
| 2008:H1 | 166.562428649292 | 172.4780851838 | 105.882520887668 |
| 2008:H2 | 145.834174627629 | 159.249186479157 | 62.8688107367479 |
| 2009:H1 | 97.5700114028341 | 160.111458124267 | N/A |
Figure 8 (9 of 9): Commercial/Industrial Land Price Indexes by MSA Dallas, Houston, and Denver
| | Dallas | Houston | Denver |
| 1995:H2 | N/A | N/A | N/A |
| 1996:H1 | 72.8185103540321 | N/A | 75.4228429469682 |
| 1996:H2 | 85.9933687728453 | N/A | 81.4965090826798 |
| 1997:H1 | 79.9874850841334 | N/A | 79.2319943242963 |
| 1997:H2 | 100.823371208336 | N/A | 74.0292426424083 |
| 1998:H1 | 108.2529032071 | N/A | 82.5760912119905 |
| 1998:H2 | 109.187892867575 | N/A | 84.3926393231812 |
| 1999:H1 | 100.440969421296 | N/A | 83.3834781471274 |
| 1999:H2 | 90.982773462603 | N/A | 88.8873809600246 |
| 2000:H1 | 87.756873168758 | 94.8285179222792 | 96.4929728984322 |
| 2000:H2 | 95.6762585819355 | 122.703415312611 | 107.05794029492 |
| 2001:H1 | 96.7248341556037 | 108.382884664225 | 94.4594069366523 |
| 2001:H2 | 102.726507111988 | 98.186642824142 | 82.8482139485226 |
| 2002:H1 | 96.1077719223917 | 95.7145367404896 | 101.278098748386 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 96.5798556654214 | 102.367592803528 | 103.790058019757 |
| 2003:H2 | 123.602427647053 | 120.033417836994 | 91.0646948177995 |
| 2004:H1 | 125.608532543234 | 127.01055407876 | 121.179169007515 |
| 2004:H2 | 126.858232824896 | 133.54923161322 | 103.334384980309 |
| 2005:H1 | 116.009279777443 | 154.419077051006 | 108.556436083799 |
| 2005:H2 | 89.6282164362109 | 184.984157446687 | 110.064899359119 |
| 2006:H1 | 112.569429904342 | 200.310805137689 | 116.707427805749 |
| 2006:H2 | 160.624635436053 | 177.801931435584 | 124.59521291445 |
| 2007:H1 | 125.746777950066 | 153.326584541727 | 155.177587361164 |
| 2007:H2 | 122.593031918807 | 165.78142203788 | 137.740321743322 |
| 2008:H1 | 131.521480223872 | 145.121335055179 | 146.02388233794 |
| 2008:H2 | 104.58186752559 | 146.550515685618 | 127.45586986607 |
| 2009:H1 | 95.7719826945968 | 158.280723257501 | 128.171624981137 |
Figure 9 (1 of 9): Residential Land Price Indexes by MSA Washington, DC and New York City
| | Washington, DC | New York City |
| 1995:H2 | 68.9104052346451 | N/A |
| 1996:H1 | 66.4879139471217 | N/A |
| 1996:H2 | 67.380805061702 | N/A |
| 1997:H1 | 74.675360075199 | N/A |
| 1997:H2 | 79.2232792842566 | N/A |
| 1998:H1 | 76.8818775344729 | N/A |
| 1998:H2 | 79.692078229014 | N/A |
| 1999:H1 | 78.4193090541406 | 67.9512261953778 |
| 1999:H2 | 83.8953497628794 | 68.8679006286347 |
| 2000:H1 | 92.1640541191412 | 82.2193097263971 |
| 2000:H2 | 89.7268617192497 | 78.9164885195963 |
| 2001:H1 | 93.3513364081996 | 83.5871822517497 |
| 2001:H2 | 94.9139020054833 | 85.4875016724669 |
| 2002:H1 | 106.993724797319 | 89.7232727165614 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 116.719099132087 | 117.294772094056 |
| 2003:H2 | 122.054807540332 | 97.1601051130031 |
| 2004:H1 | 153.234616184268 | 109.880145564837 |
| 2004:H2 | 233.68409595758 | 113.453173781169 |
| 2005:H1 | 210.833808563698 | 143.292813850553 |
| 2005:H2 | 228.713513129412 | 182.215524313094 |
| 2006:H1 | 224.858246023845 | 234.672326542488 |
| 2006:H2 | 177.482175825383 | 218.064346351966 |
| 2007:H1 | N/A | 254.420951853156 |
| 2007:H2 | N/A | 442.6990465359 |
| 2008:H1 | N/A | 347.508868654845 |
| 2008:H2 | N/A | 187.127496871996 |
| 2009:H1 | N/A | N/A |
Figure 9 (2 of 9): Residential Land Price Indexes by MSA South Florida, Orlando, and Tampa
| | South Florida | Orlando | Tampa |
| 1995:H2 | N/A | 51.739431340696 | N/A |
| 1996:H1 | N/A | 55.1198654678259 | N/A |
| 1996:H2 | N/A | 67.6583100526252 | N/A |
| 1997:H1 | N/A | 63.2041640587623 | N/A |
| 1997:H2 | N/A | 62.3379373063182 | N/A |
| 1998:H1 | 79.2454649082986 | 66.047236196881 | 67.1057803778647 |
| 1998:H2 | 73.8968488258944 | 66.1927000681021 | 76.9972868861491 |
| 1999:H1 | 68.8458664260939 | 75.3369098971536 | 78.4428383760787 |
| 1999:H2 | 70.1734606398487 | 65.9218655879011 | 81.5707046598125 |
| 2000:H1 | 71.6053782227208 | 68.5847485718097 | 75.9116516646675 |
| 2000:H2 | 77.530405309077 | 73.3520304587269 | 92.3578019968606 |
| 2001:H1 | 70.5957670560178 | 86.148296229517 | 100.803208550427 |
| 2001:H2 | 89.760066800647 | 86.4244123275894 | 95.322910522204 |
| 2002:H1 | 79.686499978779 | 84.9081586597375 | 93.1368750595534 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 111.638970384749 | 96.2712940891199 | 108.447933907845 |
| 2003:H2 | 127.864381920332 | 127.213933625536 | 125.541977659589 |
| 2004:H1 | 160.88184056198 | 137.850558089375 | 154.991485939516 |
| 2004:H2 | 163.166342403528 | 169.757370628505 | 180.471015510233 |
| 2005:H1 | 224.364101640719 | 238.54791365702 | 262.059135416128 |
| 2005:H2 | 253.704495447258 | 319.568032680711 | 296.210451350914 |
| 2006:H1 | 284.510507468007 | 264.798771840651 | 261.169647342312 |
| 2006:H2 | 326.480488052229 | 355.836083776722 | 257.873604882073 |
| 2007:H1 | 271.868673577858 | N/A | 254.577562421834 |
| 2007:H2 | 217.256859103488 | N/A | 251.281519961594 |
| 2008:H1 | 162.645044629117 | N/A | 247.985477501355 |
| 2008:H2 | N/A | N/A | 222.687665372706 |
| 2009:H1 | N/A | N/A | N/A |
Figure 9 (3 of 9): Residential Land Price Indexes by MSA Boston, Baltimore, and Philadelphia
| | Boston | Baltimore | Philadelphia |
| 1995:H2 | 65.8948431629857 | N/A | N/A |
| 1996:H1 | 57.9262231380782 | 53.8976127180113 | N/A |
| 1996:H2 | 58.578643571699 | 65.1159929181033 | N/A |
| 1997:H1 | 65.8395147359215 | 60.8048883350721 | N/A |
| 1997:H2 | 69.8807477704707 | 63.5718133626414 | N/A |
| 1998:H1 | 82.4976811760033 | 74.29697116758 | N/A |
| 1998:H2 | 66.9154703297735 | 64.3778858030753 | N/A |
| 1999:H1 | 92.5427024396637 | 65.9548347623018 | 88.8145231834083 |
| 1999:H2 | 77.9424072980583 | 72.3322571020452 | 92.9675201066997 |
| 2000:H1 | 91.5577742861977 | 67.2737547092369 | 87.0576189297161 |
| 2000:H2 | 80.2197854636238 | 67.7937620796068 | 95.8016766115515 |
| 2001:H1 | 88.1350401998082 | 75.1037270965539 | 104.800672199956 |
| 2001:H2 | 104.801720211918 | 79.8835689136697 | 104.570364152859 |
| 2002:H1 | 81.066530844784 | 90.3119859139342 | 100.669229398941 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 127.928330097004 | 81.0908544523962 | 128.671183613907 |
| 2003:H2 | 128.441068209967 | 103.468807036189 | 134.190466965269 |
| 2004:H1 | 112.16490853204 | 156.486569121588 | 149.330233540194 |
| 2004:H2 | 170.574164745158 | 167.885256605803 | 136.28662244156 |
| 2005:H1 | 158.043480149429 | 179.283944090019 | 166.028620473817 |
| 2005:H2 | 216.712195665667 | 190.682631574234 | 294.523909333506 |
| 2006:H1 | 193.227873855861 | 202.08131905845 | 226.186569164383 |
| 2006:H2 | 192.86108945106 | N/A | N/A |
| 2007:H1 | N/A | N/A | N/A |
| 2007:H2 | N/A | N/A | N/A |
| 2008:H1 | N/A | N/A | N/A |
| 2008:H2 | N/A | N/A | N/A |
| 2009:H1 | N/A | N/A | N/A |
Figure 9 (4 of 9): Residential Land Price Indexes by MSA Los Angeles and San Diego
| | Los Angeles | San Diego |
| 1995:H2 | 55.0967199852211 | 69.6094396979662 |
| 1996:H1 | 48.5828304705295 | N/A |
| 1996:H2 | 49.7330740684997 | N/A |
| 1997:H1 | 59.0308498454137 | 85.7100583751553 |
| 1997:H2 | 76.1016682155509 | 77.9813882461323 |
| 1998:H1 | 72.2021761472427 | 85.5987076928929 |
| 1998:H2 | 81.034110716904 | 80.1556352987402 |
| 1999:H1 | 54.6665598935871 | 88.1262271364487 |
| 1999:H2 | 82.0369853137831 | 92.8671693841287 |
| 2000:H1 | 64.9339231545538 | 89.816633459358 |
| 2000:H2 | 74.8188744963001 | 96.8797177640976 |
| 2001:H1 | 101.531610753226 | 71.8420662913747 |
| 2001:H2 | 89.8345985825023 | 119.267657011275 |
| 2002:H1 | 98.0590831202428 | 100 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 119.112709794673 | 136.472202631307 |
| 2003:H2 | 141.77909623495 | 172.944405262613 |
| 2004:H1 | 154.079728501769 | 252.742247793006 |
| 2004:H2 | 176.685300348718 | 165.317883313233 |
| 2005:H1 | 198.575659958933 | 215.652903292686 |
| 2005:H2 | 260.387312489315 | 281.623250335684 |
| 2006:H1 | 248.059884305068 | 218.496541489731 |
| 2006:H2 | 259.425659588058 | 215.130031339475 |
| 2007:H1 | 189.344893609944 | 211.763521189219 |
| 2007:H2 | 196.580140132026 | N/A |
| 2008:H1 | 132.750335309141 | N/A |
| 2008:H2 | 124.383580990599 | N/A |
| 2009:H1 | 103.148550388652 | N/A |
Figure 9 (5 of 9): Residential Land Price Indexes by MSA San Francisco and Sacramento
| | San Francisco | Sacramento |
| 1995:H2 | 69.8095057473532 | 62.782111614085 |
| 1996:H1 | 58.8551997614863 | 59.3150090351357 |
| 1996:H2 | 71.2055087840934 | 55.8479064561864 |
| 1997:H1 | 78.7966265752017 | 52.3808038772371 |
| 1997:H2 | 72.6657519347675 | 61.4712868921726 |
| 1998:H1 | 90.0324522586265 | 64.3264040898638 |
| 1998:H2 | 91.6860449387043 | 59.125966061673 |
| 1999:H1 | 96.7248341556037 | 70.1734606398487 |
| 1999:H2 | 102.091573097243 | 76.3816433313264 |
| 2000:H1 | 103.624126707374 | 82.5898260228042 |
| 2000:H2 | 111.24891698004 | 88.798008714282 |
| 2001:H1 | 120.442226037763 | 95.0061914057598 |
| 2001:H2 | 130.800097703058 | 101.214374097238 |
| 2002:H1 | 130.290970764863 | 107.422556788715 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 123.207532048518 | 105.971499571029 |
| 2003:H2 | 158.819793616883 | 103.138236049339 |
| 2004:H1 | 134.500805246674 | 101.897783266996 |
| 2004:H2 | 216.452297001255 | N/A |
| 2005:H1 | 264.666405549061 | N/A |
| 2005:H2 | 227.345340672521 | N/A |
| 2006:H1 | 262.452519083243 | N/A |
| 2006:H2 | 333.175769142805 | N/A |
| 2007:H1 | 279.127924080742 | N/A |
| 2007:H2 | N/A | N/A |
| 2008:H1 | N/A | N/A |
| 2008:H2 | N/A | N/A |
| 2009:H1 | N/A | N/A |
Figure 9 (6 of 9): Residential Land Price Indexes by MSA Seattle and Portland
| | Seattle | Portland |
| 1995:H2 | 47.7973493957479 | 56.7196201907782 |
| 1996:H1 | 59.4580002997693 | 71.4265883576151 |
| 1996:H2 | 56.6295076531267 | 75.2089459505011 |
| 1997:H1 | 57.7769661067452 | 82.6049979022904 |
| 1997:H2 | 58.1188577954866 | 80.1957231375141 |
| 1998:H1 | 63.7947045414389 | 71.9858942039274 |
| 1998:H2 | 78.4193090541406 | 82.0369853137831 |
| 1999:H1 | 74.5574661669936 | 94.2329761855924 |
| 1999:H2 | 84.0885311407578 | 101.684022449551 |
| 2000:H1 | 100.591743928038 | 95.5710725604135 |
| 2000:H2 | 98.0688895188666 | 101.501155838465 |
| 2001:H1 | 85.478953349723 | 89.395485754468 |
| 2001:H2 | 86.7447749585885 | 93.2860133384556 |
| 2002:H1 | 93.2673580013838 | 93.3513364081996 |
| 2002:H2 | 100 | 100 |
| 2003:H1 | 101.948744897975 | 114.958384158579 |
| 2003:H2 | 108.339540179834 | 102.511007800526 |
| 2004:H1 | 128.878511073345 | 143.662986627836 |
| 2004:H2 | 151.603746503714 | 181.666063533055 |
| 2005:H1 | 215.308134535974 | 241.98365583115 |
| 2005:H2 | 256.97278542189 | 303.61795557661 |
| 2006:H1 | 276.682374548699 | 355.125122807125 |
| 2006:H2 | 318.228661591614 | 359.088970325289 |
| 2007:H1 | 320.015741249337 | 336.591552870278 |
| 2007:H2 | 320.656413190219 | 258.028536653213 |
| 2008:H1 | 304.987315124895 | N/A |
| 2008:H2 | 264.904712536114 | N/A |
| 2009:H1 | N/A | N/A |
Figure 9 (7 of 9): Residential Land Price Indexes by MSA Phoenix, Tucson, and Las Vegas
| | Phoenix | Tucson | Las Vegas |
| 1995:H2 | 54.2102598137485 | 50.4796450135273 | 54.0754441819298 |
| 1996:H1 | 56.4395518119358 | 58.4049231028847 | 52.2620343068987 |
| 1996:H2 | 55.5325972396279 | 50.8800135827345 | 58.9488539644678 |
| 1997:H1 | 72.7166357683859 | 56.7111128858134 | 59.7009053925606 |
| 1997:H2 | 71.2981361402491 | 64.5558141961252 | 59.4900568003817 |
| 1998:H1 | 73.5871329195113 | 65.2815977692415 | 60.7082853823186 |
| 1998:H2 | 82.8449000862423 | 71.4480195486403 | 62.7557486638141 |
| 1999:H1 | 83.8869606473658 | 67.9050350683281 | 68.749549650572 |
| 1999:H2 | 83.6775051741803 | 68.2051575566653 | 72.2310627946459 |
| 2000:H1 | 88.2143974413901 | 70.9425352027267 | 74.6022140697222 |
| 2000:H2 | 100.722598232014 | 79.755857399864 | 83.8366435676109 |
| 2001:H1 | 100.440969421296 | 79.4454153115619 | 82.3410843958196 |
| 2001:H2 | 101.217350115549 | 93.6037255885688 | 84.2905859843215 |
| 2002:H1 | 92.9229064051934 | 97.6871656950343 | 99.5211501590097 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 103.541260556888 | 98.7577800493881 | 113.60984724081 |
| 2003:H2 | 129.91367429395 | 117.727212056871 | 128.556717205598 |
| 2004:H1 | 149.690553414076 | 122.323623706281 | 188.777710129722 |
| 2004:H2 | 194.235275774889 | 126.858232824896 | 249.627594678668 |
| 2005:H1 | 270.12104841378 | 182.321239971773 | 298.500075566907 |
| 2005:H2 | 349.104109586485 | 208.152333863134 | 362.734146076138 |
| 2006:H1 | 373.519490267095 | 227.868836745778 | 412.060501136872 |
| 2006:H2 | 379.657748860425 | 224.027807771715 | 392.748785953641 |
| 2007:H1 | 361.358371947407 | 244.366753765477 | 417.243584182232 |
| 2007:H2 | 327.526898978541 | 227.937207651925 | 396.656309260306 |
| 2008:H1 | 297.308460084424 | 257.822196371008 | N/A |
| 2008:H2 | 215.588217125108 | 227.709384374897 | N/A |
| 2009:H1 | 162.092990501207 | N/A | N/A |
Figure 9 (8 of 9): Residential Land Price Indexes by MSA Atlanta, Chicago, and Detroit
| | Atlanta | Chicago | Detroit |
| 1995:H2 | 59.9655473213065 | 72.4669202982041 | N/A |
| 1996:H1 | 56.2761142107455 | 69.2601833324195 | N/A |
| 1996:H2 | 53.9614652847296 | 72.18557155633 | N/A |
| 1997:H1 | 62.0146213822661 | 68.4196583413843 | N/A |
| 1997:H2 | 71.7077754535976 | 77.6064223485453 | N/A |
| 1998:H1 | 69.9205911509845 | 72.9001127744538 | N/A |
| 1998:H2 | 75.4545271942321 | 61.5204835977448 | N/A |
| 1999:H1 | 77.3491962579293 | 67.354531671372 | N/A |
| 1999:H2 | 83.060577085067 | 76.6078985751035 | N/A |
| 2000:H1 | 87.2319083989482 | 81.1232972823106 | 99.0059734297008 |
| 2000:H2 | 96.0789439152323 | 90.0144475687038 | 96.7345321775305 |
| 2001:H1 | 89.7627596430435 | 76.2235283468039 | 94.4630909253602 |
| 2001:H2 | 92.5427024396637 | 83.6858733430992 | 100.240288230538 |
| 2002:H1 | 91.5120068418692 | 81.8648884096191 | 83.3276299280114 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 94.2989623613894 | 102.932165716263 | 102.522284631598 |
| 2003:H2 | 107.76685956107 | 114.636950899501 | 125.848674102576 |
| 2004:H1 | 118.660940402927 | 142.746479464682 | 137.439000505889 |
| 2004:H2 | 120.129482992203 | 142.10556344967 | 141.596319117395 |
| 2005:H1 | 186.395392945437 | 161.51050483868 | 258.366775534325 |
| 2005:H2 | 181.920574137855 | 245.125466098664 | 156.566397626378 |
| 2006:H1 | 173.446671972599 | 234.784996297807 | N/A |
| 2006:H2 | 186.712534607479 | 228.644909366552 | N/A |
| 2007:H1 | 187.011513782409 | 229.308941985637 | N/A |
| 2007:H2 | 192.091185926842 | 221.687822212873 | N/A |
| 2008:H1 | 193.382518004357 | 100.924245008038 | N/A |
| 2008:H2 | 212.038992784506 | 61.6251573673562 | N/A |
| 2009:H1 | 138.375386753032 | 51.8663483573411 | N/A |
Figure 9 (9 of 9): Residential Land Price Indexes by MSA Dallas, Houston, and Denver
| | Dallas | Houston | Denver |
| 1995:H2 | N/A | N/A | N/A |
| 1996:H1 | 55.6270829450296 | N/A | 51.8865801781491 |
| 1996:H2 | 64.8766837219188 | N/A | 45.6950595526839 |
| 1997:H1 | 74.126284498808 | N/A | 48.7869171627032 |
| 1997:H2 | 83.6022292987486 | N/A | 53.880583763109 |
| 1998:H1 | 97.8338063966079 | N/A | 56.7735294327949 |
| 1998:H2 | 82.6793758654654 | N/A | 56.225488492946 |
| 1999:H1 | 73.9929771992727 | N/A | 61.9650295245483 |
| 1999:H2 | 85.6843492142097 | N/A | 68.3861409212356 |
| 2000:H1 | 77.6234976396752 | 89.3150660116016 | 69.3849639312661 |
| 2000:H2 | 86.3553004461658 | 91.4520528092812 | 85.6415177483614 |
| 2001:H1 | 80.1235794562166 | 93.5890396069609 | 81.4973240518455 |
| 2001:H2 | 86.7490529708111 | 95.7260264046406 | 83.9289146153075 |
| 2002:H1 | 93.3745264854055 | 97.8630132023203 | 77.6700857132834 |
| 2002:H2 | 100 | 100 | 100 |
| 2003:H1 | 94.5633694531839 | 129.407997674556 | 90.9554827243796 |
| 2003:H2 | 112.254676361209 | N/A | 115.742765043387 |
| 2004:H1 | N/A | N/A | 116.614099199925 |
| 2004:H2 | N/A | N/A | 105.675194393065 |
| 2005:H1 | N/A | N/A | 117.5860241321 |
| 2005:H2 | N/A | N/A | 101.704361287857 |
| 2006:H1 | N/A | N/A | 113.292184603767 |
| 2006:H2 | N/A | N/A | 153.158018027311 |
| 2007:H1 | N/A | N/A | 151.800959534865 |
| 2007:H2 | N/A | N/A | 149.690553414076 |
| 2008:H1 | N/A | N/A | 148.453263676217 |
| 2008:H2 | N/A | N/A | N/A |
| 2009:H1 | N/A | N/A | N/A |