Recessions, Inflation, Home Values: Correlations?

Just for kicks, I took a chart showing recessions and home value changes during those recessions, and overlaid inflation the year before, of, and after, the start of the respective recession.

Here it is:

Sources are: Corelogic, The Balance, macrotrends,net, and (for 2021 inflation) www.usinflationcalculator.com.

At a glance, it appears that inflation and increased home values are ballpark correlated. Which makes sense, inflation is by definition the cost of things going up, so why wouldn’t it apply to homes?

What do you think, my fellow armchair economist?

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