In 2008 a lot of money came out of the stock market. Now lot of foreign money is being used to purchase real estate. Some of the money that came out of the U.S. market has been moving into real estate. First time buyers are now making home purchases do to very low inerest rates and move up buyers are also trading up.
Even with a slow growth economy people still need a place to live whether you own or rent. Either way supply and demand will determine market price.
I know buyers who wish they would have bought last year. It's always the same story too late to buy or late to sell. You have to think about your needs at the present and what your long term future goals will be.