The drop in the Moody's/REAL Commercial Property Price Index (CPPI) continued to slow in August.
The index fell 3 percent between July and August, according to the latest data available. Since the market peak of October 2007, the index has declined more than 40 percent.
However, the precipitous decline in property values witnessed earlier this year appears to be abating. The CPPI dropped approximately 8 percent in both April and May of 2009.
The apartment and industrial sectors were hit the hardest during the three-month period ending in August 2009. The CPPI's industrial component was down 20.4 percent for the quarter, while apartments dropped 16.3 percent. Meanwhile, the office sector actually saw positive gains in the quarter, climbing 4.1 percent.
The CPPI measures the change in actual transaction prices for commercial real estate assets based on the repeat sales. Moody's noted in the report accompanying the most recent data that transaction volume grew slightly from July to August. Of the 377 transactions totaling $4.8 billion registered in August, 73 repeat sales totaling $950 million counted towards the index's returns for the month.