There is do doubt that housing prices have been increasing for a while. The question is: are we in a new housing bubble? You can look at both housing price trends as well as other housing metrics, such as interest rates, supply and demand.
"Home prices are climbing -- fast. According to the National Association of Realtors, May's price jump marked 39 consecutive months of price increases. And while it's only natural that prices have climbed from the lows they sank to after the housing bubble burst, they jumped a remarkable 7.9% from May 2014 to May 2015. On top of that, the NAR reported that the number of existing homes sold jumped 5.1% to a seasonally adjusted rate of 5.35 million."
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