I could certainly be wrong, but my impression is that the price increases we are seeing right now are temporary. They are a result of interrupting the supply chains due to the pandemic shutdowns.
Once the supply chains are up and running in some semblance of normalcy, I think prices will come back down. It all boils down to supply and demand as it normally does.
I heard one explanation to the skyrocketing house prices that I think has merit: due to the interruption in the supply of lumber for building new homes, the supply of new homes dwindled. Many of those who would normally have bought a new home instead shopped for older homes, driving up the number of buyers for them and thus driving up prices.
