The "mixed message in sales volume," says the firm, "is noteworthy given more consistent improvements in the broader market recently." For all properties, year-over-year sales volume rose 26% to $3.8 billion in February. And already in the first few days of March, $3.4 billion worth of deals closed and more than $11 billion was under contract. Another $10.5 billion of new properties were put on the market for sale in February, marking the highest level since last spring.

But for apartments, says RCA, there is a further positive spin: whereas last year not one multifamily property traded for more than $50 million, February saw 12 assets close in deals worth more than $50 million.