Unfortunately, beyond the usual apologetic shrugs that pass for agent responses, there's actually no way to answer your question without a specific time horizon. Are you looking at the home price behavior over the next 6 days, 6 weeks, 6 months, 6 years, or 6 decades? Just like with the stock market, the future direction of prices gets harder to determine the greater the change in the time scale from the underlying behavior. So, if you're looking at housing demand as an indicator of prices, the best that any agent can do is to look at his or her current pipeline of buyers and estimate their demand for the next 6 weeks. Beyond that, a chaotic blend of different trends will impact future prices.
Since housing has a very high transaction cost, it's not easy for buyers to get in and out in less than 6 month time scales. So, if fuel costs shoot up further this summer, maybe you'll see a drop in prices in those cities later this year. Or, if the economic recovery doesn't get derailed, maybe enough inventory is absorbed to drive up prices in a year or two. It's all very uncertain, but if you're looking at the time scale of a typical home owner, which is 7-8 years, then you generally come out ahead. Unless, of course, you find yourself buying in the midst of a historic market bubble. Finally, in the very long and mostly impractical time frame of 6 decades, you almost always come out ahead on a nominal dollar basis.