This chart below represents the Median price per square foot for resale homes in Greater Phoenix.  Take a very close look.  There is some very telling information, maybe.

Chart is from AZREIA.org - An organization for investor worth joining.

In March the price per square foot was just above $124 and he month before just below $126 so the difference is not $2 but the drop is significant as were the drops  the previous months of the pas 2 years. 

What is more interesting is that based on this information it looks like we are getting close to the bottom of the current real estate cycle in Phoenix or we are very close.  What do you think?  This is probably a better measure of the cycle vs. the median home price.