U.S. property prices increase in October
The positive year-over-year trends from earlier in 2013 have continued, according to Real Capital Analytics’ recently released October U.S. Capital Trends report. In total, there were $31.8 billion of commercial property sales in October, marking one of the highest monthly totals as well as a 14 percent improvement on October 2012. The year-to-date total volume of sales grew to $272.1 billion, a 26 percent increase compared to the same point in 2012. RCA expects every property type to end the year with a higher volume of sales than in 2012.
In addition, property prices continued to rise in October with the Moody’s/RCA Commercial Property Price Index up 13.6 percent over the past year. The price gains have been led by the major rebounds experienced by the retail and hotel sectors, which have both seen prices rise more than 15 percent since fourth quarter 2012. CBD office prices have also