Keep in mind that real estate is local and it is governed by supply and demand; therefore for an accurate market outlook in your area, consider inviting a few local agents from different realty companies and ask for a cma, comparative market analysis; review the data, ask opinions and go from there....
It all depends on your specific market since real estate is local. As inventory drops, demand increases and when that happens markets move from being a Buyers market to a Sellers market. There is definitely a shift taking place from being a Buyers market in many areas throughout the US--although they do seem to still be in the minority. To find out what your market is doing, find a good agent in your area and ask them what they think.
It depends on what market (ie: neighborhood) you are considering but I would say overall the general market right now is a buyers market. Keep in mind that the tides are changing so if you are considering buying a new home the time is always now.
Key New York Real Estate