Whether there's a national "bubble" depends on the definition of "bubble."
Since RE usually runs a point or two over inflation, and inflation is about 3-4% (depending on which index you use,) a national increase anything MORE than 7% is "a bubble."
I disagree. You have left out of your equation interest rates. According to you if inflation is running 17% then RE prices can go up 19% per year. The problem with that is that if inflation is at 17% you can bet your as* interest rates will be almost as high. Result, a monthly payment that is unaffordable to the greater majority of people.