The answer is maybe...housing is very local, both specific to your city and your area of the city. The only piece that's national is interest rates and financing terms.
Housing is driven by supply and demand, but the slightest movements in supply/demand can set off an avalanche of reactions. Larger cities that need new home construction to support population growth are more prone to rapid increases/falls in prices. It can take anywhere from 6 to 24 months to put new housing units up between city approvals, lot development, and vertical construction. Even if a builder knows the market is slowing, they may be committed to a project and must keep building that specific house through to return some of the value.
I went through the housing crash in Atlanta, properties were selling for 50-80% of their cost to build because builders/banks had to finish the existing projects but job growth went negative.
I'm now watching a housing boom in DFW, this one is interesting because they can only build 1/2 the housing units needed to support job growth. The units built aren't going to grow, so job growth and income relative to price will drive this housing market.