Apartment Price Trends and… The Skew of the New
Last week we talked about apartment price trends by submarket and commented that price trends are distorted, at least to some degree, by the addition of new construction over time. New properties sell for more. Over time these naturally higher priced properties will distort price trends. It's the same "skew of the new" phenomenon we have talked about with rent trends. So let's take a look and see what impact, if any, the sale of newer properties has on price trends.