This kind of total market doom-saying is silly. Prices are going up in the current environment due to an artificial shortage of inventory coupled with new buyers due to low rates.

However, the inventory component will change very quickly once we get a better handle on COVID. For starters, a lot of people aren't selling due to obvious health concerns and job security concerns. Those sellers will re-enter the market once we have a better handle on COVID. Secondly, a lot of builders are pulling back as the price of raw materials has skyrocketed. Again, that will settle down in the future. Third, you have a lot delayed foreclosures that will eventually happen and free up even more inventory.

I think a much more reasonable take on the post-COVID housing market is that it will look quite different and some parts will be negatively impacted while others boom. COVID has caused lifestyle changes and ways of working that aren't going away. Pricey condos in big cities will likely fall because the former interested buyers will start looking in LCOL areas enabled by their ability to work remote. Additionally, bigger homes will come back into favor as folks seek out space for home offices (or multiple home offices). Previously large homes had fallen in demand due to the decrease in birth rates.