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Apartment Sales Slow Down
April 21, 2017
February was a very slow month for buyers and sellers of apartment properties.
“Uncertainty surrounding last year’s U.S. election sharply reduced the number of properties that went under contract late last year,” according to a recent report by Ariel Property Advisors.
Long terms interest rates spiked upwards in November. It wasn’t immediately clear how much the yields demanded by investors for real estate might follow — potentially depressing prices.
Investors bought and sold just 48 apartment properties in February in 48 separate transactions. That’s down a third from the year before. Those transactions totaled $417 million — down 52% from the year before, according to Ariel.
Property sales have been slowing down from the furious pace earlier in the recovery. The trailing six-month average for transaction volume hit its lowest level since October 2011.
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