Sure, overvalued real estate prices are pointed to in every article like this one. I'd like to see some other examples. Prices aren't falling at the grocery store or the car dealer or the tax assessor. Anyone who believes the official CPI and the story that prices are relatively stable is...well, wrong.
Prices aren't rising because the things we purchase are becoming more scarce. Oil, for example, is trading at a very high price even though North American refineries can't refine it fast enough to keep up with the production (this is reflected in the lower price for West Texas Intermediate compared to Brent crude). It's not the supply and demand of oil that driving the high price, it's the devaluation of the U.S. dollar.