Non-seasonally adjusted US apartment prices for transactions of $5 million or more averaged $84,000 per unit, representing a year-over-year drop of 9.7% compared to the second quarter of 2008, when prices averaged $93,000 per unit, according to data provided by Real Capital Analytics (RCA) and published by Mortgage Bankers Association (MBA).
The trend registered in the second quarter of 2009 represents a deceleration of the annual rate of decline, which was registered in the previous two quarters, which in particular was -12.9% in the fourth quarter of 2008 and -11.2% in the first quarter of 2009.
The historical quarterly data provided by RCA start from Q1 2004. As this data indicates, over the period Q1 2004 to Q2 2009, US apartment prices in transactions of $5 million or more peaked in Q4 2006, when they averaged $122,000 per unit. The lowest average price recorded during the period covered by the data was $84,000 per unit, which was reported in Q2 2004 and Q2 2009.
The largest annual drop in US apartment prices over the period Q1 2004 to Q2 2009 took place in Q4 2007, when the average price dropped to $101,000 per unit, representing a decrease of 17.2% compared to the average price of $122,000 per unit that prevailed in Q4 2006.
The largest annual increase in US apartment prices over the same period took place in Q2 2005, when the average price increased to $106,000 per unit, representing a gain of 26.2% compared to the average price of $84,000 that prevailed in Q2 2004.
The graph below presents historical annual changes in US apartment prices for the period Q1 2005 to Q2 2009.
Trends in US Apartment Prices Q1 2005 to Q2 2009
Sources: Real Capital Analytics,www.Property-Investing.org
Search Our Over 500-Page Website! |
Related Posts
US Apartment Cap Rates Increased 30 Basis Points Between Q2 2008 and Q2 2009
Apartment REITs Posted Second Best Performance in September 2009
US Housing Completions were More than 25% Down as of August 2009
All States but One Posted Declining Building Permit Trends in August 2009
States with Fastest Rising House Prices, Second Quarter 2009
Trends in Mortgage Interest Rates, August 2009
Trends in US Condo Prices in August 2009
"Annual" Declines in Single Family Home Prices Accelerated in August 2009
Demand for Expensive Single Family Houses Takes Greatest Hit From Economic Downturn
Single Family Home Sales Trends Across Metropolitan Markets, August 2009
US Home Sales in August 2009 Reverse Four-Month Trend
Trends in US Apartment Vacancy Rate, Q2 2009
US Housing Market Forecast, September 2009
Trends in Apartment Cap Rates, May-July 2009
Apartment Market Forecast, August 2009
Search Our Over 500-Page Website!
Return from US Apartment Prices Q2 2009 to Market Watch
