TEMPE, Ariz. (AP) — Arizona State University researchers say prices for Phoenix-area townhomes and condominiums rose faster than expected in 2014.
A W.P. Carey School of Business report says the median sales price for condos and townhomes rose by 15 percent in 2014 amid strengthening demand. The median sales price for condos and townhomes increased to $142,000 from $123,900.
Mike Orr of the school's Center for Real Estate Theory and Practice says demand is shifting away from single-family homes and toward homes that are easier to maintain. He says more baby boomers are downsizing and that many millennials show a preference for smaller homes in central locations.
The report says the median sales price for single-family homes rose 5.4 percent in 2014 in 2014 while demand for rental homes also remained strong.