When's a good time to buy a home? I always tell people to buy whenever they want to move. That should be the most important question you have: Do I want to move? If the answer is "no", then it really does not matter what "type" of market it is.
Once you get beyond that, talk to your Realtor about the buying process. Right now, Interest Rates are pretty low. Historically, the last few years have been GREAT times to get a low interest rate. Bet you don't hear that on the news, do you?