She said “trophy.” Now we’re cooking.
“If you look at just year over year price growth, it’s very similar to the national scene as well – 10%, a little over 10%,” she said. “And by the way, we’ve seen that across almost all metros that we track where it’s been unbelievable median price growth over the past year. So, focusing on that, we wanted to look a little bit deeper in terms of what are the drivers, the supply-and-demand characteristic drivers in each of the markets, as well as what are the economic situations in those markets.”
John Madden himself would find this stuff exciting.
“Let’s start with supply perspectives,” she said. “In Los Angeles and in Cincinnati, you have a decrease in active listings compared to pre-COVID times, but it’s much more severe in Cincinnati. Cincinnati is about a 25% decline in active listings versus L.A. which is only at 4%. So, the supply is much more constrained in Cincinnati. We have seen an uptick in housing permits in Cincinnati, so there is a little bit more supply expected to come on in Cincinnati. But I tell you, it’s not meeting the demand.”
She expounded: “And here’s what’s interesting about Cincinnati versus Los Angeles. The demand in Cincinnati is the highest in 20 years,” she said. “Demand in Los Angeles is also really high, but it’s starting to taper off. We’re looking at about the highest in about eight years at the moment. A little less demand in L.A., but in terms of kind of general demand characteristics, it’s going for Cincinnati.”