PRESS RELEASE

CCRSI RELEASE – July 2026
(With data through June 2026)

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This month's CoStar Commercial Repeat Sale Indices (CCRSI) provides the market's first look at commercial real estate pricing trends through June 2026. Based on 1,727 sale pairs in June 2026 and 349,413 repeat sales since 1996, the CCRSI offers the broadest measure of commercial real estate repeat sales activity.
 

CCRSI National Results Highlights

• U.S. COMPOSITE PRICE INDICES MOVED IN OPPOSITE DIRECTIONS IN JUNE 2026. The value-weighted U.S. Composite Index, which is more heavily influenced by high-value trades common in core markets, decreased 1.3% over the prior month to 242 in June 2026, the third consecutive month of declines. Year-over-year values climbed 3.9% during the 12 months ending in June 2026. Prices in this cohort continue to sit below prior highs, now 17.3% below the July 2022 all-time high.
• Meanwhile, the equal-weighted U.S. Composite Index, which reflects the more numerous but lower-priced property sales typical of secondary and tertiary markets, edged up 0.1% over the prior month to 314 in June 2026. The index increased 2.1% during the 12 months ending in June 2026 compared to the 12-month period that ended in June 2025, now sitting 1.7% below its all-time high set in March 2026.
• Despite seeing equal-weighted prices fluctuate between gains and losses over the last two years, the year-over-year price trends have been positive since April 2012 with only two exceptions: a 0.1% decline in June 2023 and a 0.1% decline in August 2024.

• EQUAL-WEIGHTED PRICES ACCELERATED IN JUNE 2026 COMPARED TO JUNE 2025. The investment grade and general commercial sub-indices both posted positive year-over-year gains in June 2026. The investment grade sub-index climbed 6% compared to June 2025, while the general commercial sub-index increased 1.9% during the same period.
• More recently, the investment grade sub-index, heavily influenced by larger higher-value assets, rose 1.4% in June 2026 compared to the prior month, rebounding from declines in May of 2026. The index was 17.8% lower than the June 2022 all-time high.
• The general commercial sub-index, more heavily influenced by smaller, lower-priced assets, decreased 0.2% in June 2026, the third consecutive month of declines. This sub-index now sits 1.3% below its all-time high of 335 set in March 2026.

• INVESTMENT GRADE TRANSACTION COUNTS ROSE IN JUNE 2026. Year-over-year, the number of investment grade repeat sales increased 12% in June 2026 compared to a decline of 4% for general commercial repeat sales. The total consideration exchanged increased for both segments: investment grade sales volume climbed 19.9% compared to June 2025, while general commercial sales volume increased 7.4% during the same period.
• The composite pair volume of $156 billion during the 12 months ending in June 2026 was 16.8% above the 12-month period that ended in June 2025. The growth in sales volume was most evident in the general commercial segment, which rose 18.8% over the 12 months that ended in June 2026 compared to the same period ending in June 2025. The general commercial segment accounted for 40.8% of the overall transaction volume during the last 12 months. The investment grade segment, which accounted for 59.2% of the 12-month transaction volume, increased 15.5% over the 12 months ending in June 2026.

• DISTRESSED REPEAT SALES REMAINED LOW IN JUNE 2026. 48 of the 1,727 repeat sales were distressed in June 2026, about 2.8% of all repeat sales. There were 22 distressed general commercial sales in June 2026, equating to 1.5% of all general commercial repeat sales. There were 26 distressed investment grade sales recorded in June 2026, accounting for 9.3% of the 281 investment grade repeat sales.

Quarterly CCRSI Property Type Results

• VALUE-WEIGHTED PRICES DIVERGED IN THE SECOND QUARTER OF 2026. The value-weighted price indices were split among four property types in June 2026, led by office, increasing 6.5% in the 12 months ending in June 2026. Retail prices increased 0.9% during the same period. Industrial prices declined 1.9% and multifamily prices fell 1.2% during the 12 months ending June 2026.
• OFFICE PRICES CONTINUED TO LEAD VALUE-WEIGHTED SECTORS. Large office properties saw prices climb 6.5% during the 12 months ending in June 2026. Prime office markets amplified this upward trend, as repeat-sale prices in this cohort rose 10% during the same period. At the same time, equal-weighted office prices rose 2.2% during the 12 months ending June 2026.
• INDUSTRIAL PRICES DIVERGED BY SIZE. The equal-weighted pricing segment climbed 2.9% during the 12 months ending in June 2026. Prices fell in the value-weighted industrial segment, down 1.9% during the same period. Prime industrial markets showed continued weakness, falling 4.1% since June 2025.
• MULTIFAMILY PRICES DECLINED ACROSS SIZES. Both the equal-weighted and value-weighted multifamily indices declined during the 12 months ending in June 2026, falling 4.8% and 1.2% respectively. However, prime multifamily markets differed, with prices rising 7.3% in the 12 months ending in June 2026.
• RETAIL PRICES TURNED POSITIVE ACROSS SIZES. Both equal- and value-weighted indices saw prices increase during the 12 months ending in June 2026, climbing 2% and 0.9% respectively. Prime retail metros saw prices tick up 0.2% in the 12 months ending in June 2026 compared to the 12 months ending in June 2025.
• EQUAL-WEIGHTED HOSPITALITY PRICES TURNED POSITIVE. The equal-weighted hospitality index rose 0.5% in the second quarter of 2026 compared to the second quarter of 2025 while increasing 0.7% compared to the prior quarter ending in March 2026.
• LAND PRICES SURGED IN SECOND QUARTER OF 2026. The equal-weighted land index is historically a volatile property type index. It climbed 12.9% in the 12 months ending June 2026 compared to that same period in 2025 and 7.5% compared to the prior quarter ending March 2026.

• NORTHEAST LED REGIONAL PERFORMANCE WITH ALL PROPERTY TYPES POSTING ANNUAL GAINS. Each geographic region's four main property types produce 16 total property-type regions. All four property types in the Northeast posted positive year-over-year price changes in the second quarter of 2026. The South and West each had two property types with annual gains, while the Midwest had three.
• SOUTH REGION. The South's equal-weighted repeat-sale index rose 1.1% during the second quarter of 2026 from the prior quarter, while the value-weighted index climbed 0.6% in the same period. Compared to the second quarter of 2025, the equal-weighted index increased 0.7%, and the value-weighted index jumped 6.9%. Office prices climbed 2% in the second quarter of 2026 over the prior quarter, while industrial rose 2.4% during the same period. Retail inched down 0.6% and multifamily fell 1.9% from the prior quarter. Compared to the second quarter of 2025, industrial jumped 6.1% while retail increased 0.2%. Office shed 1.1% of value and multifamily declined 7.6% in the second quarter of 2026 compared to the second quarter of 2025.
• NORTHEAST REGION. The equal-weighted Northeast index declined 1.4% in the second quarter of 2026 compared to the first quarter of 2026 but was 3.1% higher than the prior year. The value-weighted index fell 1.8% in the second quarter and rose 1% compared to the second quarter of 2025. Industrial prices advanced 2.1% compared to the prior quarter as retail gained 0.6%. Office fell 1% and multifamily sank 2.4% in the second quarter of 2026 from the prior quarter. Compared to the second quarter of 2025, industrial prices jumped 4.8%, office rose 1.7%, retail increased 1.8%, and multifamily grew 0.8%.
• MIDWEST REGION. The Midwest equal-weighted repeat-sale index increased 0.9% over the prior quarter, while the value-weighted segment declined 2.5% in the second quarter of 2026. Compared to the second quarter of 2025, the equal-weighted index rose 4.4% as the value-weighted index fell 4.3% in the second quarter of 2026. Retail climbed 2.2% over the first quarter of 2026 while multifamily rose 2.3% compared to the same period. Office fell 2.5% and industrial declined 2% from the same period. Compared to the second quarter of 2025, retail jumped 8.4%. Industrial increased 1.5% and office grew 0.3% compared to the second quarter of 2025. Multifamily declined 3.9% compared to the second quarter of 2025.
• WEST REGION. The equal-weighted West index rose 1.8% in value in the second quarter of 2026 but declined 0.2% compared to the prior year. The value-weighted index increased 0.3% in the second quarter of 2026 and rose 3.6% compared to the second quarter of 2025. Office climbed 2.3% over the prior quarter and was among the leaders in year-over-year growth, up 7.1%. Retail increased 1.9% over the prior quarter. Industrial and multifamily each lost 1.9% from the prior quarter. Compared to the second quarter of 2025, multifamily rose 1.4%, but retail lost 6.2% and industrial shed 2.2% of value.

About The CoStar Commercial Repeat-Sale Indices

The CoStar Commercial Repeat-Sale Indices (CCRSI) are the most comprehensive and accurate measures of commercial real estate prices in the United States. In addition to the national Composite Index (presented in both equal-weighted and value-weighted versions), national Investment-Grade Index, and national General Commercial Index, which are reported monthly, 30 sub-indices in the CoStar index family are reported quarterly. The sub-indices include breakdowns by property sector (office, industrial, retail, multifamily, hospitality, and land), by region of the country (Northeast, South, Midwest, and West), by transaction size and quality (general commercial, investment-grade), and by market size (composite index of the prime market areas in the country). The CoStar indices are constructed using a repeat sales methodology, widely considered the most accurate measure of price changes for real estate. This methodology measures the movement in the prices of commercial properties by collecting data on actual transaction prices. When a property is sold more than once, a sales pair is created. The prices from the first and second sales are then used to calculate price movement for the property. The aggregated price changes from all the sales pairs are used to create a price index. Historical price indices are revised as new data is recorded.

MEDIA CONTACT:

Matthew Blocher, Vice President, CoStar Group Corporate Marketing & Communications (mblocher@costar.com).

For more information about the CCRSI Indices, including the full accompanying data set and research methodology, legal notices, and disclaimer, please visit http://costargroup.com/costar-news/ccrsi.

ABOUT COSTAR GROUP

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted over 118 million average monthly unique visitors in the second quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com