If you like numbers and graphs here is a link which shows a vivid picture for the last quarter of 2011. To me it looks like we have hit bottom and prices are starting to come up. Also, Ada county is down one more month of inventory. With just 4.7 months of inventory for single homes. Canyon county is at 4.4 months. No wonder everything my buyers like is a bidding war! So, if you like numbers here you go, you will need to copy and paste in your address bar.
http://www.hennesseyappraisals.com/xSites/Appraisers/hennesseyappraisals/Content/UploadedFiles/The%20Hennessey%20Report-2011-4QTR%20Report.pdf
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