I think the big issue that separates the housing market from stocks is the ability to make rational, informed decisions about buying stocks vs. buying houses.

If you want to buy a stock, you can buy a stock whenever you want. You have time to do your due diligence. Yeah if it's a mania you might be tempted to buy due to FOMO, but you still have time to make an informed decision.

The current housing market, by contrast, is so insane there is no way to make a rational, informed decision. Where I live, if you do not put down an offer sight unseen within 12 hours of the property going live online, you're not getting the house. I have a buddy in Boston who just sold his absolute shit heap of a single-family home for $100K over asking. No tour, no inspection.