I understand your concerns, and if you expect the price of WTI Crude to get cut in half within the next few years then don't buy. If you do believe that oil prices will hold in a general trading range as a worst case scenario then you should be fine.
A more global question is do you NEED to move in a couple of years, if so, then maybe renting is the way for you to go. If you don't need to move then your probably OK to purchase now. Remember, new homes will be more expensive in the future as homebuilding costs will be higher as commodity prices inflate (lumber, oil, concerte, copper, etc.), so what may look like a higher price now, might not be quite so high in 5 years. One more item to consider, if inflation comes along (and I believe it will), the best thing you can have is long term, fixed rate debt on a home that you own. Why you ask? Because your paying off your mortgage with inflated dollars and your home should appreciate faster as home prices will 'inflate' while your mortgage stays at the same rate.
Maker Capital Group, LLC
2307 Lake Austin Blvd.
Austin, TX 78703
Unfortunately no way to predict the future. If oil hits $250/barrel prices may double again in five years. If it goes back to $50/barrel the prices that doubled in the past two years could go back to previous levels. On a statewide scale I do not think prices will drop, but all real estate is local. For example there are parts of the Dallas area that have prices falling and some that are going up dramatically. If your prices have spiked due to increase in oilfield related activities and those go away prices will drop.
Keep in mind in order to work with realtor you need to be pre-approved for a loan to submit any offer we can assist in that service contact my office.