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Phoenix-area home prices in July were up 19.9 percent from a year earlier, easily the largest percentage gain among major U.S. cities, according to a CoreLogic report released today.

Arizona was also the leader by far among the states in July home price gains, with a 16.6 percent increase from July 2011.

The national average gain, according to CoreLogic, was 3.8 percent during that time -- the largest year-over-year increase since August 2006.

On a month-to-month basis, including distressed sales, Phoenix-area home prices were up 2.1 percent from June to July. Nationwide, the average increase was 1.3 percent for that period.

The national figures represent the fifth consecutive home price increase on both a year-over-year and month-to-month basis.

Excluding distressed sales (short sales and foreclosures), home prices nationwide increased by 4.3 percent from July 2011 to July 2012. On a month-to-month basis, excluding distressed sales, home prices increased by 1.7 percent from June to July.

“The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August,” Mark Fleming, chief economist for CoreLogic, said in a prepared statement. “While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year.”

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Homebuilding off to a good start for new fiscal year
Homebuilding experienced a healthy start in July, the first month of the 2012-13 fiscal year, according to statistics on building permits from Prescott Valley and three other jurisdictions. Prescott Valley led the jurisdictions by issuing 17 building permits in July, followed by 15 by the county, 12 in Prescott and one in Chino Valley. The numbers from Dewey-Humboldt were unavailable. "This is the best of times in six years," said Joe Contadino, president of Phoenix-based Universal Homes, which is building the Granville subdivision in Prescott Valley. Contadino, who said his company has been buying two permits for single-family homes a week since April, cited several reasons for improvements in the housing market. Before April, he obtained one permit per week."First and foremost is a decrease in the foreclosures and the properties that are on short sales," where distressed owners sell for less than the values of their houses, Contadino said. "The other thing is we have a quality community. We have a variety of products, different housing styles." Contadino cited another advantage for Granville homeowners. He built streets and other infrastructure into the price of the homes, instead homeowners buying now and paying later through bond-financed community facilities districts. Universal Homes started construction of Granville, on both sides of Glassford Hill Road north of Bradshaw Mountain High School, in 2001, Contadino said. Universal has built about 1,200 homes in Granville, which as 3,400 lots. Universal Homes obtained six permits in July, M H I Residential Inc. (Mandalay Homes) pulled four permits, Univest-Land Investments obtained two, and Dorn Homes and Everest RFC Inc each obtained one permit, according to the town's July report. Mandalay Homes in the Pronghorn Ranch subdivision north of Highway 89A is pulling two permits for single-family homes a week, said Julia Bowers, a permit technician in Prescott Valley's Community Development Department. Dorn Homes is averaging six permits a month in the Quailwood subdivision off Highway 69 and Bradshaw Mountain Road. Bowers said building permits from July 1 through Wednesday totaled 25. By contrast, the Building Department within Community Development issued seven permits for single-family homes in July 2011 and zero this past August. 'I think we are off to a very good start," Bowers said. Yavapai County Development Services Department is seeing more permits for custom homes ranging from 12,000 to 18,000 square feet, Director Steve Mauk said. "We are also seeing some spec homes," Mauk said, referring to homes built on speculation that someone will buy them. Mauk speculated the larger homes are drawing buyers who have not been buffeted by the economy. Mauk also predicted the drop in home values might encourage middle-income people to buy homes within cities and towns in the county, instead of continuing to live in unincorporated areas miles from their jobs. "Here is what I think you are going to see happen is you will see the cities jumping," Mauk said. "I think you are going to see the people build in city limits, close to the services, close to the employment. "There was a time that a teacher at a high school could not afford to live in the city limits," Mauk said. "There was a phrase in the industry that 'you drive until you qualify" to buy a home.

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New research from Arizona State University shows Phoenix-area home values were up nearly 30% in June from a year earlier The Phoenix Business JournalBy Kristena Hansen 

The huge gains in Phoenix-area home values over the past few months have started to mellow this summer, according to the latest housing report released Thursday by Arizona State University’s W.P. Carey School of Business.

In June, the median single-family home price in metro Phoenix was $150,000. That’s up 2 percent, or $3,000, from May, the ASU report said. While the month-to-month gain was modest, June figure were up 29.3 percent from a year earlier.

Sales of single-family homes in June were down 16 percent from a year ago, which was largely driven by the diminishing supply of existing homes on the market.

For example, Phoenix-area inventory was down 33 percent as of Aug. 1 from a year earlier. The supply of distressed properties, or lender-owned homes, fell by a staggering 68 percent during the same period, the report said.

The dwindling supply has fueled a huge imbalance of more buyers than sellers in the marketplace, fostering a fiercely competitive environment where homes for sale, especially those priced below $250,000, are attracting large amounts of offers that frequently exceed the asking price, said Michael Orr, the report’s author and a real estate expert at W.P. Carey.

“The situation for the average home buyer remains dire, despite low interest rates and historically cheap prices,” Orr said in the report. “That’s because of the low inventory, and any offer from an ordinary home buyer is typically going to be less attractive than the multiple all-cash offers from investors with few strings attached and no appraisal required. Many ordinary buyers are coming away empty-handed after submitting 10 or more offers.”

In fact, the Phoenix market has become so flush with investors that 38.4 percent of home sales in June were purchased without financing, he said. By comparison, that number was only 8.3 percent back in June 2007.

As a result, traditional home buyers are now turning to the new-home market out of frustration, Orr said. For instance, new-home sales in June surged 39 percent year-over-over and construction permits for single-family homes leaped 49 percent during the same period.

Read Orr’s full report here.

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City of Phoenix PubVacant foreclosed homes affect communities in many ways: increased opportunity for crime, neighborhood blight and decreased home values. The South Mountain Village was hit hard and accumulated more than 6,100 foreclosures since 2008 and is now benefiting from NSP investment.

The Neighborhood Stabilization Program (NSP) was designed by the U.S. Department of Housing and Urban Development (HUD) to help cities like Phoenix address the effects of the foreclosure crisis in the hardest hit areas. The city of Phoenix received $115 million through three rounds of funding and is expected to turn approximately 2,200 vacant, foreclosed houses back into homes through renovating single‐ and multi‐ family properties and offering homeownership incentives and affordable housing rental opportunities.

To date, $5.6 million in federal investment has been made in South Mountain Village improving 94 homes. Forty‐six buyers purchased newly renovated homes through NSP’s Move‐In Ready Program and invested $4.1 million in primary mortgages. Renovations address health and safety issues, improve energy efficiency and enhance curb appeal. Eligible buyers receive $15,000 in down payment assistance, housing counseling and homebuyer education.

"This program has been a tremendous success for the residents of South Mountain Village, pumping millions of dollars into the area," said Vice Mayor Michael Johnson. "Every foreclosed home that gets fixed‐ up and sold positively impacts the other homeowners on the street and the entire neighborhood ‐ it's a win for everyone, it's a win for Phoenix!"

Marialena Martinez and her fiancé, Anthony Sacco, purchased their first home using the city’s NSP after Marialena’s mother heard about the program and encouraged them to apply. “We were looking and everything was out of our price range, we knew we would have to do something drastic and save our money,” said Marialena. Anthony and Marialena made a resolution to tighten their belts by moving in with Marialena’s parents so that they could save for a large down payment. “We had to show a lot of discipline to save that kind of money, I never thought that we would be able to do it—we worked hard to get here,” said Marialena. “It was a little hard in the beginning because we had to make the differentiation between ‘want’ and ‘need’. There were times when we felt like giving up, but we really wanted to own our own home.”

The couple chose a newly renovated home through the city’s Move‐In Ready Program in South Mountain Village, close to Marialena’s parents and Anthony’s job at Eli’s Barber Shop. “The home was perfect for us,it fit all of our criteria and we are happy to stay in the South Mountain area instead of being further out, like when we were renting,” said Anthony. Anthony and Marialena worked closely with Claudia Schulz of Mandalay Homes, the NSP developer that renovated their home. “When this foreclosed home was added to the NSP inventory they were very excited because it was in the neighborhood they wanted,” said Claudia.

The couple’s steadfast determination and hard work elevated them to their American dream, and according to Anthony, they will be forever grateful to NSP. “We feel we now have a solid foundation with our new home,” he said. “We don’t have to worry about living in someone else’s property or paying money to someone else. This is the best investment we have made.” Marialena added, “Our new home is a dream come true...It was well worth it, we are excited and very thankful.”

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So looking at these factors in combination, which major metropolitan areas around the U.S. are the hottest this summer? Put another way, where are prices rising the quickest and houses selling in the shortest timelines after listing?

Hint: Think West Coast rather than East, Midwest or South. Using new multiple listing service (MLS) data for 146 metropolitan markets compiled by Realtor.com, here are my nominees for the hottest spots, based on their rankings within the top 10 nationwide for both marketing times and pricing.  Just four markets placed within the top 10 in both categories:

• Oakland, California, where the median time from listing to contract was just 24 days in June, and where list prices rose 14.8 percent higher than a year ago. Oakland ranks first nationally in market pace and fifth in price growth.
• San Francisco. The median time from listing to sale was 45 days (No. 5 rank) last month, and the median list price was up 15.4 percent over year-earlier levels.
• Seattle, which has seen a 12.9 median list price gain (No. 10 rank) and a 45 day median  list-to-contract time (tied for No. 5 with San Francisco.)
• Phoenix,  which ranks No. 2 in median list price gains over the past year (up by a stunning 32.2 percent) and a median time on the market of 48 days, ranking it 10^th in that category nationwide.

Other markets that have top 10 ranks in one of the two categories include: San Jose, California, where listings sell in a median 45 days and list prices are up by 12 percent. Denver homes move fast (No. 2 rank) at just 33 days on the market. Fresno, California, and Anchorage spend just 43 days from list to contract. Detroit houses are going to contract in  a median 47 days after listing (No. 6) and have seen a strong 10 percent gain in median list prices. Santa Barbara, California, saw its median prices jump 33.1 percent in the past 12 months.  Washington, D.C., had a 14 percent median price increase in the city and its Maryland and Virginia suburbs, and Miami list prices are up 14.3 percent.

Bottom line here: Within the modest, gradual recovery in real estate that’s underway in many parts of the country, there are mini-boom pockets of high demand, fast-moving sales and prices. Since what’s lacking in virtually all these local markets is sufficient inventory – enough houses available for sale – maybe the moment has come for sellers to get out of their multi-year funk about it being a buyer’s market and think about getting into the game.

Ken Harney writes a nationally syndicated column on housing and mortgage issues, the Nation’s Housing, and has won numerous “Best Column – All Media” awards from the National Association of Real EstateEditors, along with the Consumer Federation of America’s prestigious “Media Service Award,” for lifetime contributions to consumer interests in housing. He served a three year term on the Federal Reserve Board’s Consumer Advisory Council and is the author of two books on real estate and mortgage finance.

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It took a while for Deanna Austin to find what she wanted. 

Austin got a job as a professor at Embry-Riddle Aeronautical University in Prescott and began searching for a home late this past year. After a couple of strikeouts that included the mess of a foreclosure property, Austin found her dream, a 2,300-square-foot home in Prescott Valley and moved in on August.

“I just had a feeling about Pronghorn (Ranch),” she said. “For that (foreclosure) price, I found this.”What Austin discovered was one of Mandalay Homes’ spec builds in the community.

Dave Everson, president of the Phoenix-based homebuilder, said the company came into the community in late 2009 and finished construction on about 11 homes after the developer closed its doors nearly three years ago.

About a year later, Mandalay acquired 138 lots and Everson said he’s building 11 to 12 homes this year. “We’re meeting (buyers’) needs and I’m encouraged,” he said.  The community is going through a rebound after what happened there nearly three years ago.

In an October 2008 Daily Courier story, Dave Brown, chief executive officer of Brown Family Communities, said he chose to close down the family business of more than 30 years after his lenders called on his outstanding loans.

Brown said at the time that he sold about 650 homes in what were his Reunion, Reserve and Renaissance portions of the development and he sold 17 homes in the weeks leading up to making the move to pull the plug.

But lenders took all of the proceeds from those closings for months, according to Brown, who said he was using a mix of company money and his own until it ran out.

Realtor Cathi Pospisil, with RE/Max Mountain Properties, credits Everson’s company for the community’s turnaround. Pospisil cited Multiple Listing Service data from the Prescott Area Association of Realtors that she said proves her point about the turnaround in the subdivision.

Comparing third quarter 2010 statistics, Pospisil said 15 homes sold in the community worth more than $2.94 million and they sat on the market an average of 83 days.  In the third quarter of this year, Pospisil said 23 homes sold worth more than $3.97 million, with the average days on the market down nearly 20 days from the same quarter in 2010.  “They’re reviving a community that has sat quiet for four years,” she said.

Realtor Terri Chase, director of sales and marketing in the community, said buyers like Austin are finding affordable options from Mandalay Homes, such as two-tone paint, front landscaping, 18-inch floor tiles and quality fixtures.

“We don’t sell white houses with plastic floors,” she said. “We want the client to come in and move in.” And that’s bolstering sales, according to Everson, who said prospective buyers are more serious these days.

“We’re seeing a total change in behavior,” he said.

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Mandalay Homes and Universal Homes recently pulled five new single-family home permits in Prescott Valley. Representatives of each said they see a market for new houses, and their prices are competitive with short sales and foreclosures.

New home construction is back online in one Prescott Valley subdivision.

Dave Everson, president of Phoenix-based Mandalay Communities, said the plan is to build 20 homes this year in the Pronghorn subdivision and expand on that next year.

Mandalay pulled three new home permits in January and put deposits down on three more, according to the Town of Prescott Valley's monthly permit report.

Everson said they are opening their sales office in the community with the goal of selling homes.

A New York-based investment company that bought nearly 140 lots in the subdivision this past summer is behind the new construction in the community.

Lexin Capital, which also owns lots in five Phoenix-area communities, bought the lots in Pronghorn for nearly $3 million, according to data from the county recorder's office.

"We want to build out all 138 homes, market willing," he said.

Mandalay isn't the only homebuilder in town with some work.

Universal Homes of Phoenix pulled two new home permits in January.

Joe Contadino, president of Universal Homes, the developer behind the Granville subdivision, said he's selling homes, too.

That brings up the question of why developers like Mandalay and Universal Homes are building in a housing market that has lots of short sale and foreclosure properties.

Contadino and Everson both said that they can build a new home for about the same price as a short sale or foreclosure, and their homes don't come with the headaches that distressed properties have.

"I think people would like new homes at the same price as trustee sales," Everson said. "I think there is a definite value there."

Contadino said he believes there's a market for new homes in the $100- to $110-per-foot price range.

Contadino said that new homebuyers want to close in 30 days with their money or financing ready to go, and builders have to have something to sell.

"If you don't have any inventory, you can't sell anything," he said. "(Most) people would rather have a new home than go through the brain-damager of short sales or foreclosures."

For each home that Contadino sells, he pulls another permit, and he's got homes in the pipeline.

Everson said they're realistic about how many sales will come their way this year.

"We haven't set our expectations super-high, but we do think there is a demand out there. Even if it's modest, it will help us establish some footing moving into next year," he said.

It's a positive sign to Pronghorn resident Bob Mira, whose home is down the street from two of the lots Mandalay is completing.

"It's nice to drive out and not see empty lots," he said.

Mira, who moved into the community four years ago, said it's an encouraging sign that the market might be improving. But he also said building out the lots is one part of the equation: "Of course, the final period to the story will be if it sells."

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