What's your corner of the world? I'm sure we can find hard data on the population growth vs. new building rates which might be illuminatory.
Population data: https://data.worldbank.org/indicator/SP.POP.TOTL?locations=P...
Number of new apartments handed over every year: https://demagog.org.pl/wp-content/uploads/2022/06/Mieszkania...
Price changes vs reference moment(dark blue - new apartments, light blue - used):
https://v.wpimg.pl/QUJDREVGfjQrJiR2eTxzIWh-cCw_ZX13P2ZoZ3lxY...
It took a war in a neighbouring country for this madness to pause for a moment, but prices are already picking up again.