Housing and stocks can be compared to historical valuations. We are nowhere near dotcom valuations. Apple actually has a small P/E by historical standards. If we were in a bubble, some tiny company with a P/E of 500 or even a negative P/E would be worth more than Apple.
Housing can be compared to rents and income levels.
Stocks and housing haven’t gone parabolic which is a sign of a bubble. They haven’t dislocated from traditional price measures. You can overlap the bitcoin chart and it matches up to every past bubble.