From the Cupertino Courier:

Higher prices make it harder to buy a home in Cupertino

A concern frequently expressed by some city council members and planning commissioners is that Cupertino homes are become so expensive many families cannot afford to move here….

“In the first six months of the year, it was a seller’s market. There was a scarcity of homes,” [said John Miner, sales manager for Van Vleck Realty]. “Now there are not so many buyers. We’re still seeing a good market, but now what it was six months ago….”

[Darlene Phelps of Raintree Realtors] maintains Cupertino is a desirable place to live because of its access to freeways and a “good” school district….

I forgot to mention the date: January 1, 1975. The article states that the average price of a house in Cupertino was $39,170 in January 1974, and $46,660 the following June. In 2007 dollars, that’s about $165,200 and $196,800, respectively. Fast forward to last month: the median price in Cupertino was $1,025,000.