IRVINE, CA—Property pricing continued to decline over the past month, with Ten-X's latest Commercial Real Estate Nowcast showing erosion of 0.1% compared to August. The five-month streak of falling prices comes amid divergent opinions among investors over the duration of the business cycle, a higher interest rate environment and a lack of meaningful improvement in fundamentals for many sectors, Ten-X said Thursday.

“The Nowcast's fifth consecutive monthly decline in September indicates the market has again failed to shake off its malaise, as a murky business cycle prognosis and tightening monetary policy continue to take their toll,” says Peter Muoio, chief economist with Ten-X. “The Nowcast's annual growth rate is at its lowest level since we introduced the index, and several CRE sectors are in similar slowdowns.

“While there is something of a varied picture across the five CRE segments, there is no denying the overall softening of commercial real estate pricing,” he continues. Accordingly, pricing is now up just 4.4% over the year-ago level.