To a degree. In 1976, someone at both medians at Yale would have a 1410 on the 1996 scale.[1] In 2013, that was a 1510. I can't find percentile charts from back then, but I believe the distribution has stayed roughly the same, which means that Yale has gone from a median score in the top 4% to one in the top 1%.[2] In 1976, about a million people took the SAT, so a top 4% score was a pool of about 40,000 potential students. In 2013, about 1.7 million people took the SAT, so a top 1% score was a pool of about 17,000 potential students.
So population growth explains part of it, and much of the rest can probably be explained by improved financial aid causing applications at Yale to go up by a higher percentage than the overall increase in number of test-takers.
What's really telling is that, despite all the criticism of the SAT, Yale responded to the increasing number of applicants by using the SAT more aggressively to filter applicants. In other words, when faced with a larger applicant pool, Yale decided to reject students with SAT performance that it had previous deemed adequate, because it couldn't think of any better criteria to use to distinguish the additional applicants.
[1] Yale's data: http://oir.yale.edu/sites/default/files/W032_Fresh_SATs_5.pd.... Tables for calculating recentered scores pre and post-1995: http://research.collegeboard.org/programs/sat/data/equivalen....
[2] http://www.collegeboard.com/prod_downloads/highered/ra/sat/S....