The housing “market” is choked in dozens of ways with an incredible number of local, state and federal regulations that make development of new housing very expensive in some areas and just totally impossible in others.
Then (as another poster noted) add huge corporations speculating on buying existing housing and you have a disaster.
The key ratio to look at over time is median income related to median housing prices.
Another metric is median income related to median mortgage payments for new transactions.
It is the worst it has ever been.