Other relevant dimensions to consider include the number of new construction projects, construction spending, regional and housing market indices, demographic changes, immigration, changes to schools, long term and short term debt cycles, and new government regulations. All of these impact the supply/demand of real estate and influence the market.
Yes, there is no end to the analysis you can do. Yes, you should study the market conditions and get informed to the degree of detail that you feel is necessary, so that you can make an educated decision. But you should not fall into paralysis by analysis. Unless you are a real estate investor, you won't have the time or the data to make a professional level decision. And while your Realtor can help you make an informed decision, keep in mind that Realtors are not real estate investors and it's not their job to give you investment advice.
This means, ultimately, if you think it's a good time to buy a house, if you want to buy a house, it is a good time to buy. You can buy a great property in a seller's market, and you can sell your property for top dollar in a buyer's market. In the aggregate, these trends make a considerable difference, but there are always individual outliers.