There are a lot of voices on both sides of the bubble opinion that are making their voices heard. To be clear, the data is as different as the areas that one pulls from. There are areas that are in exponential growth while others are slowly increasing. Exponential growth is not sustainable over the long term. Period. Either the market will cool and flatten for a period, or it will increase, and crash back to lower levels. Nothing goes up forever at exponential rates.
In my research for a few recent appraisals, I've run across data that indicates markets have entered fully into exponential growth patterns. Again, this doesn't mean that a "crash" is imminent (it took nearly 4 years of exponential growth for the 2008 bubble to burst), but this should be monitored.
Northeaster Thomasdale High School area: If the market experiences a correction or slow down in the next 6 months, a bust may be avoidable. However, if the trend of the last quarter continues or accelerates over the next year, then this area will firmly be in bubble territory.