I would recommend looking at this link as a way to start. Trulia has some very good online data that might help you.
Your profile says home buyer, so assuming you are buying a home, and assuming you are working with a Realtor, I would ask your Realtor to review this Trulia data with you. In almost any market there are varying degrees of price shift and the key is to determine what your tolerance is going to be.
For example, if you are buying a home (and renting now) buying always beats renting. If you plan on living in your home (as opposed to a flip), then looking at the long term might be helpful I know that none of us likes to buy at the top of the market, we all want to buy at the bottom. The problem is that we will not know where the bottom is until about three months AFTER we've passed it, so most of us buy near the bottom. That means that in some [urchases the value of the property may decline After we buy it...however in the long term it will turn around and appreciate prior to the next sale.