(See recent posts on Phoenix Case-Shiller Home Price Index.)
Case-Shiller probably has the best data on Phoenix home price appreciation. They added Phoenix late last year which is very useful for us.
You can see the average home price index in metro Phoenix drifting lower. Home prices in some areas will no doubt do far better than average and others far worse.
This graph makes it look like sellers should sell sooner rather than later and that buyers should play hardball on price to get ahead of the curve. Again, different parts of the Valley need to be treated differently but overall the trend since last summer has been lower.
The data shown is through March 2007. Each data point is a 3 month rolling average so the data point for March is actually the value for the 1st quarter (January-March) of 2007