“The proportion of troubled asset sales in the CPPI increased slightly from 25% in March to 29% in April, with the lifetime price-change rate of return performance of the distressed sales increasing only slightly and remaining very low,” Elkin says in the release. Despite this, he adds, “the overall CPPI advanced in April, due to the very strong performance of ‘healthy’ properties.”

Measured on a quarterly basis, the four major property sectors nationally showed mixed results. While multifamily prices across the US rose 3.3% over the prior quarter and industrial prices edged up 0.8%, the index for office was down 3.2%. The retail index fared even worse, dropping 4.7% in three months.

A different story is told by the regional indices, which are measured on an annual basis. In the East, retail was the only sector not to suffer a year-over-year decline, instead rising by 4.6%. Office prices, on the other hand, have dropped 24.7% across the region since April 2009.

For Southern properties, the best year-over-year performance was posted by office, which declined only 7.9% year over year as compared to a 32.6% drop for apartments. Multifamily properties in Florida did a little better, with the index declining 29.9% over the past 12 months.

In the West, the industrial sector fared better across the region than it did in Southern California specifically. The index for Western industrial assets was off 8.2% year-over-year, compared to -27.3% in Southern California. The inverse is true in the apartment sector, with Southern California multifamily prices losing only 2% in the past 12 months versus a 12.7% slide across the West.

All three of the major office markets measured in the Moody’s/REAL indices—New York City, San Francisco and Washington, DC—saw significant value declines over the past 12 months. Yet all three markets outperformed their respective regions.

The Moody’s report accompanying the indices cautions against calling a bottom. “Transaction volume is still very low, and without higher volumes it is difficult to conclude that prices have stabilized,” the report states. In addition, the report notes that even if a bottom forms at the current levels, “the market could bump along for several quarters as weakening fundamentals (for some property types) and the specter of interest rate increases in the future conspire to hold down values."