I agree with you that the fundamentals in housing are still not healthy. But I wouldn't expect them to be with ZIRP and QE still in play.
Housing is cyclical so I'm looking at it from the perspective of where we are in the economic cycle. I don't see housing becoming decoupled from that.
Also housing (and the stock market) historically have led the economic recovery so it could be a little bit ahead of itself in terms of where the economy is at.
But that's a pretty fine level of granularity to try to time the market with.. Maybe for housing stocks but not the price of a home.
The overall trend is still up.