Great question because it exposes what a complex market we are in. Like others have said, so much depends on where you live.
In general, prices are rising. Here in Orange County, CA there are not enough homes for sale to meet demand. As you would expect low-supply/high-demand is forcing prices higher. It's currently the standard for multiple offers to come in on homes priced below $700,000 here.
Other factors that traditionally come into play such as mortgage rates, seasonality, jobs, etc. are hard to take into account right now because supply is such a dominating issue. Once owners start selling and inventory levels rise it will be interesting to see what happens to prices and how those other factors will influence the market.
Now is a great time to sell!