Why are home prices so high?

[Krystian Sosinski]

Why are home prices so high despite......

• Record low homeownership not seen since the early 90's at 63.7%
• Income and median household price disparity is greater now than in was in the housing crash
• Per the case shiller index, the 20 city average is only 11-12% away from the July 2006 high

What am I not seeing here? It seems as if home prices are inflated due to short term low supply. Why have builders not caught up?  What will happen when they do? Are we investors the cause of a mini bubble this time?