I'm currently sitting in a house that completed construction in December. I suspect your information might not be right.
How can there be any doubt that this production glut has played a huge role in the rise of housing prices?
The population was growing around 1.1% a year in the 70s; it was 0.75% the last decade and is currently between 0.1% and 0.25% [1].
[1] https://united-states.reaproject.org/analysis/comparative-in...
You also need to consider the fact that household sizes are trending downwards pretty consistently, so there needs to be more houses for the same number of people.