Check out what Chief Economist of Stewart TItle, Ted C. Jones has to say about it in the following video...
http://www.youtube.com/watch?v=1q0X9aZ18B8

It stands to reason, that the law of supply and demand means that as inventory levels drop and demand levels rise, prices go up. With the current very low and dropping inventory levels, and no lender financing of any new spec homes, we are assured of increases in home prices.

If you have already purchased before prices rise, you are in good shape. If you wait, you'll pay more both in purchase price and in interest rates since experts agree that these artificially low levels cannot last.

Something to consider,
Marie