After jumping 65% year-over-year in October, sales fell 34% in November with deal activity down across the board, according to New York-based research firm Real Capital Analytics (RCA).
There is a silver lining however—the market is still up 21% year-over-year for these two months.
In November, there was only $5.5 billion of individual apartment sales, down 29% year-over-year. For 2012, individual asset volume came in at $8.4 billion per month.
Portfolio and entity levels deals only came in at $700 million in November, which was down 57% year-over-year. “In all previous months of 2015 these mega-deals came in at a $3.5 billion average monthly pace,” RCA wrote.
As of the end of November overall deal volume was $125.6 billion, which was an increase compared to $113.2 billion the year before. “Also, there are still $18.6 billion worth of deals still under contract for the fourth quarter of 2015 that have not yet closed so this lull in November may lead to a storm of activity for December,” RCA wrote.
