It's funny that the Fed is still dreaming about having low inflation while the number one expense most people will have experiences rampant inflation.
Even if everything you can buy suddenly got 10% cheaper, the houses in those areas would immediately increase back to the old level because the prices is driven by a high demand relative to supply.
Rents are included in cpi, but home prices aren't. Now, of course they are correlated, but that's certainly one of the arguments against using cpi.
edit: answered my own question, the bureau of labor statistics has more numbers than you can shake a stick at.
Inflation is generalized increased of nominal costs, not particular to an asset, nor in 'real terms' which is what is happening here.