This graph is from The Arizona Regional Multiple Listing Service's STAT Library.


 I love this picture!  What an exciting time to be in real estate.  We have fully hit the bottom of the market and are steadily climbing out of the depression.
Prices are increasing!  Phoenix overall rose 25% in the last 9 months while Gilbert and Power Ranch rose 17%.  


Here is a link to more info from ARMLS STATs : http://www.armls.com/docs/stat-ppi-2012/stat-june-2012.pdf