Has long term house price growth returned to normalcy?

Case-Shiller released their most recent indexes this morning. I used the data to graph annualized house price growth between 1989-2015 (I only use 1989 as the start date because this is the start date for the data series for some cities).




Nationally, house price growth has been about 3 percent per year. LA and San Francisco are also at about 3 percent. Phoenix and Las Vegas have (obviously) come back down to earth. Portland is obviously a high-flier, but it had a dramatic regime shift in land use planning.