Property sales post 28% increase for 3Q
U.S. property sales accelerated during third quarter 2013, with a 28 percent increase in dollar sales volume compared with third quarter 2012. That is a sharp increase over second quarter growth of 17 percent.
Those statistics, tracked by Real Capital Analytics for properties priced at $10 million or higher, underscore the continuation of the nation’s economic recovery and the real estate industry’s strong rally.
The cumulative price paid for major U.S. commercial real estate transactions rose from $59.4 billion in third quarter 2012 to $76.1 billion during third quarter 2013. Continent-wide, those figures were $64.9 billion and $79.4 billion, respectively.
The U.S. dollar volume sales total occurred on the back of a 25 percent increase in the number of properties changing hands, rising from 2,419 properties in third quarter 2012 to 3,034 prope