Assume your $1500 rent went up 20% to $1800 or $3600/year.
assume the price of the $150,000 home just went down 20% or $30,000 in one year.
Which sets better with you?
How about renting for a year and lose $3600 instead of $30,000. Then go buy a home at 20% less.
As far as buying a condo it really depends on your houseing goals. If you are thinking of buying short term to the intermediate.... 5-7 years or less I would probably think twice about buying. If you are definitely thinking intermediate to long term.... 7 years or more it may be worth considering a purchase.
Buying a home isn't nor should always be about the money. Owning your own home provides a sense of security. When you rent, landlords can change creating some chaos, rents go up so it is hard to predict future costs and lastly you do not have the sense it is your own space to do with what you want.
Best of Luck,