Wrong. Sorry to burst your bubble.
For the datamongers (like me) curious how the numbers were compiled:
The price-to-rent ratio is calculated using the average list price compared with average rent on two bedroom apartments, condos and townhomes listed on Trulia.com.
Of course, the counterpoint of this argument is that when is it ever a good time to buy in a major city like New York or Seattle? And any significant drop in listing price and/or interest rates should be considered a potential buying opportunity.