Despite the rise in mortgage rates last year, sales of student housing property reached a record high of $22.9 billion in 2022.

Prologis has agreed to pay Blackstone $3.1 billion for a portfolio of U.S. warehouses and distribution properties. The portfolio includes nearly 14 million square feet in about 70 properties in major markets. The all-cash deal, which is one of the largest commercial real-estate transactions of 2023, is expected to close by the end of June.

Office buildings are only about 50% as full, with public-transportation ridership at less than 70%, as before Covid-19 across 10 major metro areas.

New building permits for private housing in the U.S. fell by a seasonally adjusted 21.1% in April compared with a year earlier, while construction starts were down 22.3%

Share prices of the five largest real-estate investment trusts that concentrate on downtown office buildings were down an average 63% in June compared to the end of 2019. Price declines were much smaller for REITs focused on retail property down 7% and apartment-focused REITs down 8%.

The average of six national rental-price measures shows new-lease asking rents rose just under 2% over the 12 months ending in May. That is down from the double-digit increases of a year ago and represents the largest deceleration over any year in recent history.

In the first quarter, banks’ real-estate loans, excluding residential single- to four-family homes, yielded 5.4%. That represented a rise of more than 1.7 percentage points over a year earlier. Those residential home-loan yields, by contrast, rose just over 0.6 point from a year earlier, to 3.96%.

The ratio of money banks lent out compared to property value dropped to 51% LTV this spring, a 30-year low in commercial mortgages.

On a year-over-year basis, the home price index rose 0.7% in March, down from a 2.1% annual rate the prior month. The annual increase was the smallest since May 2012.

Office REIT stock prices posted a 48% decline since the start of 2020. Over that same period, the S&P 500 index is up 37%.