San Diego's multifamily market has seen a big recovery in activity. During the third quarter, sales hit $713 million in the region, a 52 percent surge from the previous three months, a report from CBRE finds. Also, so far, that's the highest figure that category has recorded in 2024.
"The rise in volume was a product of both high-priced trades and escalating prices," CBRE wrote in its analysis.
Helping drive the strong sales were four transactions surpassing $100 million each. Plus, the average multifamily unit price of $405,380 was the second largest amount since the Federal Reserve began hiking rates in 2022.
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