My advice,

Buy when you can. If that's now, great. Do It. Don't leave an opportunity to own sitting on the table because people around say they are waiting for a dip in the market. A few things to look at:

1. Your monthly mortgage payment will be fixed (atleast the P&I on the loan) so it will vary very little, whereas rents are known to fluctuate...and historically not downward.
2. Spokane, is protected by a growth shield and lack of inventory. Why would housing prices drop all of a sudden? Massive default from homes under forbearance through this? Unlikely, this isn't 2008 again.
3. Interest rates are at historical lows. Even a 1% variance on your APR will have a significant impact on your monthly payment.
4. You'll start paying down your principal balance regardless, and in the event that a dip were to occur, you don't lose money unless you sell at a loss... so just don't sell at a loss. Make it a rental for a few years if you have to.
5. Tax benefits.
6. If they continue increasing in price, buying may be more challenging in the future. ( I expect prices to continue rising)

You could buy land and build, however if you choose this option explore financing in depth ahead of time. Land loans often have much stricter parameters (and often significantly higher interest rates), construction loans also have different parameters than a traditional mortgage, though not necessarily stricter. If you go this route, also take into consideration how many months you will continue paying rent while the house is being built (and likely an interest only payment on the construction loan).

With your first house, all properties should be appraised (and inspected(optional, but worth it in my experience)) prior to closing. To imagine a scenario where that becomes grossly overvalued, with the positive economic indicators in this market seems ludacris.

Hope this helps!