You saw in the graphs below that the inventory of homes for sale has probably peaked. The average days on market, however, is still increasing rapidly.
As the number of days on market increases, a seller is more likely to accept a lower price. So the increasing average days on market puts downward pressure on prices.
Once average days on market starts to decline the downward pressure on Arizona home prices will be relieved somewhat.
Once average days on market goes below 70 days, the odds of a significant decline in Arizona home prices should be very small indeed.