If anyone answers your question directly, they are just guessing. There is no crystal ball to know if the prices will continue to drop, and if they do, by what percentage.
A few things to consider:
1.) Are you buying as your personal residence, or for investment? If you are buying the home in 93720 (where I live) to be your home, then buy now - you can negotiate an unbelievable deal. If you are buying for investment, buy if it cash flows, but don't buy to flip a house unless you have cash to do this on distress homes.
2.) The only way to know when the market has reached the bottom is when it is too late. Consider what statistics we will have to know to know that it has bottomed out: days on market has shortened, inventory has shrunk, prices begin to increase . . . it will take 6-9 months to have good data to prove that the market has turned around. By then, you will be purchasing on the upside.
By a home now - but have expectations that you will be an owner for 3-5 years minimum.
If you want to look at ways to make the home really work for you as an asset - email me offline and I can give you a few ideas.