I'll agree there is natural price pressure upward, but the recent acceleration is concerning, both in equities and real estate values.

Millennials were buying houses before all this too (I am and have) without this level of inflated prices (depending on where you are and how "free" the market is).

Well that's exactly it. In my area, inventory is scarce because of an influx of people who are used to paying an arm and a leg to live. In certain counties, prices are up 20-30% simply due to demand. Speaking with my own realtor, competition bidding is very common now. Rarely do you see a house go for asking or below asking.