October was another bad months for CRE sales. November's CoStar Value-Weighted U.S. Composite Index — big property sales in large metro areas — with data through October, was down 1.4% over September. The number was also down 8.7% year over year.

"Meanwhile, the Equal-Weighted U.S. Composite Index, which shows the more numerous, lower-priced property deals more common in smaller markets, posted its largest monthly decline since the Federal Reserve began increasing its policy rate in March 2022. The index slid 1.4% in October and was almost flat compared to October 2022, rising 0.2% over the prior 12 months.

The figures look at repeat sales of previously sold properties. That gives an arguably more accurate view of what is happening in property markets. The study involved 1,168 sale pairs in October and more than 298,112 repeat sales since 1996.