In my opinion, it's a much better time to be a resale buyer in McKinney, TX. McKinney is still somewhat saturated in resale homes - especially in the luxury price points of $350,000 to over $1,000,000. Case in point, check out 4700 Canvasback, McKinney, TX 75070. $644,900 ahead of the recession, this one fell out of contract in March and is now $494,000 - even though there is an appraisal from March at $515k. I put the link to the tour for that home below.
New construction - many of the builders are still in recovery mode, and their prices are going up and are much firmer than they were before the recession. It's a mixed bag right now, and there aren't a lot of finished specs from which to choose. In my opinion, new construction is a better buy in Prosper and Celina than it is in McKinney right now.