MSCI: Multifamily prices fall 8.4% YOY By: Leslie Shaver

After a spike in the second quarter, apartment sales volume fell 11% to $7.5 billion in July, according to a report that data firm MSCI Real Assets shared with Multifamily Dive.
Sales volume came in at about half the usual amount of the July average for the five years before the pandemic. It was also dramatically lower than June 2024’s number, which was boosted by New York City-based investment manager Blackstone’s Blackstone Real Estate Partners X’s $10 billion purchase of Denver-based Apartment Income REIT Corp.
The Real Capital Analytics Commercial Property Price Indices fell 0.7% from June to July and 8.4% year over year. Still, that was an improvement compared to July 2023, when prices fell 13.5%. Cap rates sat at around 5.6%.