Of course the answer to this question depends on a lot of factors, mostly what is going on in your life. Are you ready? Do you have some money saved? Do you have a relatively steady job/income? What are your plans for the next several years? Are you planning to start a family? Then, yes it's a good time. Are you planning to switch jobs and possibly move out of town in the next couple of years? Then, no. It's probably not a great time for you. But, if you are wondering if it's a good time based on external factors, well t's easy to say yes or no based on the economy and relative consumer confidence. But the truth is, if you're ready to buy, there (almost always) is no time like the present.
Real estate still proves to be one of the very best and most sound investments you can make. So, although it is probably one of the biggest purchases you will ever make, it is probably one of the safest too. Buying now, means ten years from now you are most likely going to have a good amount of equity built up in your home no matter what is going on in the market. Yes, a housing boom certainly would be nice, but who is to say we won't have one in ten years when you are ready to sell and can get even more for your property?! There really is no solid way to predict when those will happen.
So, the answer is, yes, most likely NOW is a very good time.