Does this makes sense in Bay area? New TH vs old SF

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I am noticing in most of the cities in San francisco bay area that the new townhomes (I am taking about high 800's to low 1 million dollars) are costing more or almost the same as old single family homes in the same area/city. plus the new townhomes are selling like hot cakes. I do not understand this. is there something fundamentally wrong here for a TH to be more expensive and preferable over single family homes (although old).