In my opinion, home prices bottomed out a while ago - maybe a year or so and are working their way up slowly. Of course this could change and reverse at any time as market conditions change continually. I see this evidenced by the following: The number of properties available in Scottsdale today as compared to a year ago is severely down, low priced properties are rapidly going away. I also see bidding wars on any property that is in good condition and priced well. Finally, I see so many buyers entering the market as first-time home buyers, vacation home buyers and investors. With interest rates at all time lows, it is truly a great time to buy. If you are thinking about getting into a property, get yourself pre-approved and start looking soon. If you need help, I or anyone else here on Trulia can give you great guidance and professional help with your purchase. Wishing you only the best in your home search!