Housing prices are rising due to inflation, and specifically inflation on the raw input for houses - lumber, building materials, and labor. Granted, this is not the only reason in all regions, places like California have much more complex, systematic reasons for increased housing prices. But the bulk of the US has housing prices that are somewhat in line with the cost of building, since there's no limit on land to throw cookie cutter subdivisions on.

They don't want to admit that their abhorrent policies are hitting the pocket books of their supporters, so they latch onto popular sentiment instead of solving the problem. Typical of this administration.

I built a house in 2018 for $350k. To build the same house again today would be $650k (and it would probably take twice as long). Surprisingly, the cost of land is not much more than it was 8 years ago. All of that cost increase is in materials and labor.

The problem is, the market value of my house is $550k, at the most. Meaning it's not profitable to build new houses as the market can't sustain them. And who is going to sell their house at less than they can get another one for? Only people who are forced to move, which is probably why the there is such low inventory in the historically cheaper markets.