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I live in China. Trust me, you don't want to have those homes in the US. The house I live in has been completed in 2016 and I'm the first tenant, moved in in 2018, and it's got more issues than my dad's house from 1965. Houses here are built as cheaply as possible, skimping on building materials, safety, plumbing, insulation, wiring, etc.
The pricing bubble is just a joke on top. The actual value of the real estate here should be about 20-25% of what it is in reality - for example if I were to buy the house I'm renting right now, I'd break even after 114 years. Not taking any repairs or interest into account.
You wouldn't want US homes in Europe, either. Most of the world has astonishingly shit construction in the name of higher profits and the understanding that housing has very limited lifespans.
Some US homes are great - robustly built, well-insulated, quiet, no leaky sewage, no leaky building membrane, wires routed properly, etc. Unfortunately, a lot of them were built decades ago. If you're evaluating them in terms of materials or construction quality, US housing quality has gone straight off a cliff. Sure, there's a bunch of glass facades on new buildings, but they hide the fact that sound insulation between units is nonexistent, the heat insulation is barely slapped together, the outlets aren't all plugged in, and the hot water either turns completely on or completely off. Tour a new California townhouse and tell me again that it's not built as cheaply as possible. Developers have figured out how to be stingy on everything you can't see and instead dump money on fancy appliances and a marble countertop... Even if the toilet clogs if you look at it funny and you can hear your neighbour three doors down humming to himself.
Meanwhile, most US new build apartments are 5 over 1s, which are notorious for being a tinderbox. Though, US fire code is really well done, so if there's a fire odds are you can make your way out in time.
Oh true, my dad's house that I used to compare the ones in China to is in Germany.
Yeah, German houses are so nice man. Like I don't think I could get a US builder to build me a German house if I tripled their budget. They just don't know how.