This is a question I am asked pretty frequently.  The answer will vary depending upon which part of the country you live in and I can only answer for the Midwest, specifically the Saint Louis area.  It is definitely a good time to purchase a home.  Here in the Midwest we are still seeing homes appreciate in value, granted the appreciation level is not as high as it has been the last few years, average sold prices in this area have risen about 2.5% in the last year.  

You're a very picky person?  Even better, there has probably never been the amount of inventory of pre-owned and new homes ever, meaning choice.  Interest rates are still very low, meaning money is cheap right now.  

There are tons of homes on the market right now, so get out there and find that perfect home!