National commercial property prices leveled off in April after sales volume and property prices rose in the first three months of 2015, gaining more than 5% in the first quarter. The U.S. Composite Index in the latest CoStar Commercial Repeat Sale Indices (CCRSI) report found that prices dipped slightly in April as gains slowed a bit from a recent robust pace.
Both the value-weighted and the equal-weighted U.S. Composite indices decreased slightly in April, by 0.7% and 0.8%, respectively. Both had risen over the last three months, however, and are up more than 12% for the 12-month period ending in April 2015.
The investment grade segment of the equal-weighted U.S. Composite Index — which weighs each transaction equally and reflects the impact from the more numerous smaller market transactions — decreased by 1% in April. The U.S. general commercial segment of the equal-weighted index, which includes sales of lower-tier properties, declined by 0.8%.
Both indices remain positioned for continued recovery and are trending well above their prior year levels. See the full CCRSI June release and supporting materials.
While sales activity declined in April from the record-setting monthly pace set in the first three months of the year — in which repeat-sale transaction volume logged the highest first-quarter total since the CCRSI began — trailing 12-month pair sales remained strong for the month. April 2015 sales volume was still well above the year-prior monthly total, contributing to the strong annual gains.
In fact, the pair volume of $112.6 billion logged for the U.S. Composite Index during the 12 months through April 2015 constituted a 30% increase from the prior 12-month period, reflecting continued capital flows into commercial real estate.
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