According to Altos Research, the Market Action Index (MAI) for Irvine’s single-family housing market is 37.21. That is down from the 42.57 MAI that was recorded about this time last month. However, as defined by Altos, this still puts the Irvine single-family housing market in the seller’s market category. (Above 30 is defined as a seller’s market; below is defined as a buyer’s market.) Altos also states that the average single-family home in Irvine has been on the market for about 80 days as of August 16, 2013.
As pointed out last month, the Irvine MAI was making a steady climb upward since the beginning of the year. However, this is the second month in a row that the Irvine MAI is trending downward. Is this the beginning of the end of the boom in the Irvine housing market, or just a temporary downturn? Time will tell.
Note: In spite of the downturn in the MAI for single-family homes in Irvine, the month-over-month asking prices are continuing to increase and the year-over-year selling prices are still increasing.
Following is Irvine’s July 2013 housing market data as provided by Redfin
|Type||List Price/# Homes Listed||Sold Price/# Homes Sold||List Per SF||Sold Per SF||% Chg Y-O-Y Sold Price/SF|