It is good to not to assume that the local market mirrors the national trend. You need to understand the local market to make a good decision. The national market can give a good indication of what might happen locally. Don't just rely on realtors (who are incentivized to be biased) for all your information.

For example, many would lead you to believe that Utah is immune from what it happening elsewhere. Good economies and low unemployment haven't helped Phoenix or Vegas, so why would they help Utah. What is the historical price vs rent (very high today). How affordable are home prices vs income? How many buyers are shut out of the market now that they can't qualify for a real loan. How large is the supply of homes are for sale. (Last I checked is was about 13.5 month supply - I believe 4-5 months is considered a balanced market, and Phoenix started having difficulties when its market reached a 7 month supply).
All these factors can affect where the market goes from here. As for me, I am not a buyer in this market unless I get a reasonable deal (well under $100/ft including the lot).

Another thing to note is that unemployment in Utah is creaping upward and there is no sign it will stop until it comes close to the national level. The job boom has passed and it's time for things to get back to normal.