Prepare for an onslaught of people telling you property values will go down 50% in the next two years.
While I believe home prices will fall in the short-term, we recently purchased a home and I believe it to be a good decision for a variety of reasons. How long do you plan on being in your next home? If less than 5-7 years, I wouldn't consider buying now.
Also, I think there's a lot of value in renting for a while to check out neighborhoods and see what you like. Certainly, it wouldn't hurt to rent for a year and check the market at that time.