Below is a chart of real estate appreciation in Greater Phoenix.  This chart presents resale single family homes in Maricopa County from 1988 to Present. 

Year	Median Resale	% Change
1988	$ 78,000.00	---
1989	$ 78,000.00	0
1990	$ 79,000.00	1.28
1991	$ 80,000.00	1.27
1992	$ 83,000.00	3.75
1993	$ 84,000.00	1.2
1994	$ 87,000.00	3.57
1995	$ 90,000.00	3.45
1996	$ 97,000.00	7.78
1997	$ 105,000.00	8.25
1998	$ 113,585.00	8.12
1999	$ 120,000.00	5.65
2000	$ 128,900.00	7.42
2001	$ 136,000.00	5.51
2002	$ 144,900.00	6.54
2003	$ 155,000.00	6.97
2004	$ 174,815.00	12.78
2005	$ 240,500.00	37.57
2006	$ 260,600.00	8.36
2007	$ 257,000.00	-1.38
2008

(Data from ASU Polytechnic)

These are very general median numbers.  This is all of Maricopa County all thrown together.  In real life each city performs differently.  In fact each neighborhood is its own market, but to some extent they all follow the general trends.

Of note are the first few years because this was the time during and after RTC.  Take a look at 2005.  With a 37.6% hike in prices, it's no wonder the market wants to catch its breath.  In comparison the 1.38% drop is nothing compared to house appreciation for the last few years.