Multiple rapid resales reminds me of the 2008 bubble. Fake appreciation that went down hard when the bubble popped.
There aren’t that many resales like that and most of the 2008 bubble was speculation. Nearly all the buyers this time are occupied and rental property (long term) investments. The quality of the buyer in 2004-2007 was not even 20% as good as the quality of the buyer this time (eg: lowest 10% credit score is 720 this time vs 580 last time - not even counting 25% are all cash this time vs almost none last time). Lastly, inventory is still near record lows and way way below normal. In 2006-2007, inventory was near normal (high) levels. In short, there isn’t going to be a repeat on housing tanking here. If anything it will continue to increase, just at a slower pace, just like in 1979-1983.
Most bubbles don’t deflate enough. Neither will this one.