This largely depends upon the circumstances involved. By being a smart buyer, the indicators are still there (interest rates, inventory, price etc.) that make buying a more favorable option than renting.
The best way to clarify your options is to begin the process of becoming truly informed about your local real estate market, making knowledge your best resource. Using real estate websites such as trulia, working with a realtor, attending open houses, etc. are excellent means of preparing yourself to make an informed decision when the time presents itself.