A recent article in USA Today which reports findings from the National Association of Realtors says condominium sales are soaring. This is good news for.... A recent article in USA Today which reports findings from the National Association of Realtors says condominium sales are soaring. This is good news for both cities and pedestrian-oriented life. Long the staple of the "American Dream," condos are even outselling single family homes. The midpoint price for condos is now above that of single family homes. Top reasons sited are locations in hip, urban areas and walkability. NAR says sales volume is growing faster than that of single-family homes and is closing in on 1 million units per year, NAR says.

My friend recently referred to an article in the Pittsburgh Tribune-Review calling into question whether this city actually needs to have a goal of more downtown housing. He asked me, "Do we really need people living downtown? Why can't it be just a place for business?"

NAR gives us the answer. People, the "creative class" in particular, want hip, urban locations where they can walk to stores and entertainment. Unless a city has that, it's going to lose out economically. Companies need to attract workers. If a city doesn't have what it takes to attract workers, then companies will locate where the skilled workers they need want to live. Why does Pittsburgh need housing downtown? Because that will make downtown lively. It will bring coffee shops, grocers and night life. The workers in the businesses want that. In today's market, without a lively downtown district there will not be a choice of business or residents--the businesses won't be there either.

Read the USA Today Article