Data from the St Louis Fed clearly shows that the issue is under-building since the mid-1980's: https://fred.stlouisfed.org/series/COMPUTSA

The problem is compounded by the fact that new entry-level housing isn't built and that the old stock is deterioriating. Please, no fairytales about hand-me-downs here, you cannot subdivide an exurban 3600 sqft cardboard palace into 3 1200 sqft condominia. Zoning regulations are against it, and the infrastructure (water, electric, roads, schools) would require a massive upgrade.