At any given snapshot of time this is true. In the long-term there is a lot of policy controlling the supply of housing to benefit existing home owners as well

At any given snapshot of time this is true. In the long-term there is a lot of policy controlling the supply of housing to benefit existing home owners as well as a steady lowering of interest rates which improves the nominal home price a buyer is able to procure. Given that humans have finite lives the increase in home prices benefits owners who are near retirement the most. When you combine these effects you have an intergenerational wealth transfer machine that rewards existing home owners. The only reasons for home prices to rise as they have in the US are due to policy decisions, if these policy decisions never occurred the baby boomer generation would be unable to retire without changes to entitlements or improvements to working wages.