Condos, townhomes fuel rise in 2014 Phoenix-area home prices
TEMPE, Ariz, -- Prices for single-family homes in the Phoenix area rose 5.4 percent in 2014, according to a report from the W.P. Carey School of Business at Arizona State University. But that was minuscule compared with the median sales prices of townhomes and condominiums.
"The most promising signs in 2014 were for townhomes and condominiums, where both sales volumes and prices were higher than expected," says the report's author, Mike Orr, director or the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.
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