I often get told by clients they are waiting till prices are lower or they want a deal. If you had bought 10 years or even 2 years ago you might feel like you had a deal. Which is kind of the irony of the situation. Don't put off buying now because you want a "deal" or "lower prices".
We live in a major metropolitan city, yes our little cow town of Denver has grown up! And if we look at the trends of other major metropolitan cities; Seattle, Chicago, New York. When have you seen the prices drop in any of these areas? If you at some point didn't leap and buy in these areas even though they were expensive 1 year, 2 year and 10 years ago you would still pay more when you went to buy today.
Now that being said if in any given year you want to get the lowest prices available in that year start looking in October, November or December. The market tends to slow and prices tend to stabilize or drop a percentage point even. The reason I don't think it worth waiting for this small window in a year is that inventory is lower. You are more likely to have to settle on your wish list to get that fall/winter deal but if a deal is your priority this is a great time to buy!
Whether you wait for that window or buy now in the Denver market I believe as long as you hold your home for a few years you will continue to find our growing metropolis is favorable to growing your real estate investment!