Its the price of commodities.
There is no external competition in real estate, whereas there is a ton of competition in cotton, beans, wheat, corn, gold, silver, coal, oil, etc. You are not going to compete with China to buy the 3 bedroom ranch at the end of the street.
So, there will not be inflation in the housing market. In fact if you really want to be depressed, see what your house would be valued in gold, compared to last year.
And they remember the big losses the Japanese investors took when they bought Pebble Beach.
Actually we are net exporters in cotton, beans, wheat, corn so the significant force is not added competition but increased external demand for those products. Now it is true that the decline in the value of the dollar increases that demand but the dollar’s decline is more because of extraordinarily low interest rates here rather than the increased money supply. That might not remain true for long, however,
In periods of true inflation housing prices rapidly escalate. Look at the 70s for an example.