I agree with many of the comments posted regarding specific area market trends, and there are some other specifics you should take into account. New building has declined finally, which should help to deplete current inventory that has been lingering around, along with the recent declines in pricing and interest rates, volume has increased supporting the pricing of some products in certain areas. Whether we see the decline continue over the next 6 to 12 months, I think most professionals agree, we will not see the sort of illogical appreciation rates we saw over the past 7 years again. If you are purchasing a home to live in, it should still be a purchase based on quality of life over the long term, and future financial stability. Fortunately we live in a market with a few million people, and a large portion of which will always be home buyers and sellers, providing stability to the real estate market that you don't see in many other areas of the country. Spend your time finding the right place that you will be happy in and bargain hunting now, and the appreciation will eventually kick in. There is no way to pin point an exact moment for things to turn around. Chances are the days of becoming an over night millionaire, buying and selling a condo are well behind us.
Best of luck with your decision,