If you have been waiting to buy an Arizona home because you were afraid price might decline, or you plan to buy an Arizona home within the next 6 months, I would suggest that you seriously consider buying within the next 6 to 8 weeks.
No one knows what prices will do in the future but the graphs and the analysis below suggest that we may have hit or will soon hit a bottom in prices for Greater Phoenix.
Of course, no one lives across Greater Phoenix. You live in a specific neighborhood. Be aware that some cities and neighborhoods are doing much better or much worse than Greater Phoenix as a whole.
Also be aware that we may see below average appreciation for a few years or more, and prices would likely fall if the economy tanks in 2007.