Maybe?  The 20-city Case-Shiller index suggests that while nation-wide prices are rising rapidly (about 10% a year) for the past three years, we are still pretty far away from a bubble.  But the peak back in 2006 was really high, so getting to that peak 12 years alter should cause much concern. Has anything fundamental changed in the U.S. economy? Not incomes, for the bulk of residential buyers who intend to live in the home.  Here is Shiller a few months ago, sounding cautious.  Here is a good “yes bubble, so short” view from a finance perspective.