when "they" (the same people who are running the markets to highs), decide that it's time for housing to have a massive bull market, then that's exactly what will happen. i believe 'they' are about to decide that it's time for real estate to run up back to their old highs.
There will be no bull in housing until interest rates rise with declining unemployment. If you're seeing any movement it's probably people chasing rental properties as an alternative investment. This will lead to rents dropping as supply increases and remove the intended incentive for real buyers. It's likely to create a little baby pop and finish back at the lows.