According to an August 2022 article in Bankrate, the winter is the best time to buy a house.

https://www.bankrate.com/real-estate/best-time-of-year-to-buy/

That makes sense to me and tracks my experience, based on more "normal" markets, before we went into the white hot Covid market from June 2020-July 2022. Usually there are fewer people looking to buy in the winter, just because of the distraction of the holidays. There's also usually less inventory in the winter, but the people that are trying to sell are more likely to have to sell for a life reason - job transfer, death in the family, divorce, etc.

That all said, I feel like right now we are at the most volatile place we've been in the financing world in a long time. Are we at the height of the interest rate hikes? I don't know. Some people think there may be another rate hike, and then I've seen predictions that interest rates will come down into the high 5s by the end of 2023.

https://www.morningstar.com/articles/1106505/why-we-expect-the-fed-to-cut-interest-rates-in-2023

So I think it really comes down to what your family's specific needs are. If you don't buy are you going to need to renew your lease soon? If so how much will you be paying in rent? If you start paying a mortgage rather than rent, you are building wealth for yourself and your family. If you pay rent, you're building wealth for your landlord. An adjustable rate mortgage can also adjust down. And mortgages have no pre-payment penalties now, so if interest rates were to plummet, you could always refinance. That old "marry the house, date the rate."

Real estate generates wealth for you in three main ways - you build equity with your down payment + a piece of every monthly mortgage payment, you get appreciation, as the value of your home increases over time, and there is a tax benefit because the mortgage interest is tax deductible. [NOTE: With the increased personal deduction this is not a given anymore].

I think real estate is an amazing investment, and I've had success with real estate from well before I had any involvement in the real estate business, which is my second career. It's highly leveraged, meaning you can control an appreciating asset by only contributing a fraction - 3%-20% - of it's value in the purchase. It's forced savings. And you need somewhere to live. Why not own vs. rent?

But on your timing question, when should you buy, I wish I had a crystal ball. When you feel comfortable and confident doing so is probably the best answer.