It's always the best time to buy
I came across this interesting article - complete with graphs from the FED.
A couple of choice quotes:
Ã¢ÂÂThe continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.Ã¢ÂÂ Ã¯Â¿Â½Ã¯Â¿Â½" David Lereah, NAR mouthpiece/economist Ã¯Â¿Â½Ã¯Â¿Â½" August 2005
Ã¢ÂÂThe steady improvement in home sales will support price appreciation despite all the wild projections by academics, Wall Street analysts, and others in the media.Ã¢ÂÂ Ã¯Â¿Â½Ã¯Â¿Â½" David Lereah, NAR mouthpiece/economist Ã¯Â¿Â½Ã¯Â¿Â½" January 10, 2007
Ã¢ÂÂBuyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. WeÃ¢ÂÂve transitioned into a sellerÃ¢ÂÂs market in much of the country. We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth.Ã¢ÂÂ Ã¯Â¿Â½Ã¯Â¿Â½" Lawrence Yun Ã¯Â¿Â½Ã¯Â¿Â½" NAR mouthpiece/economist Ã¯Â¿Â½Ã¯Â¿Â½" February 21, 2013
This is worth more than a casual read: