Multifamily Dive reported that apartment prices in the U.S. declined 10.3% YoY and 1.9% MoM in March.
The findings are based on a report from MSCI Real Assets shared with Multifamily Dive.
In the first quarter of this year, apartment sales dropped 64% YoY to $25.4B. The first quarter of last year saw a record high of $71.3B in sales.
- The sales volume of mid- and high-rise properties fell 61%, while garden assets dropped 66%.
- According to MSCI, sales volume may be returning to levels seen before the pandemic, when deals averaged $23.3B from 2005 to 2019.
- Three Pillars CEO Gautam Goyal told Multifamily Dive that many investors are waiting on the sidelines to buy apartments if the price is right.
