Data research firm CoStar found that apartment building sales have cratered to their lowest levels since 2009. At $14 billion in the first quarter of 2023, multifamily investment volumes fell 74 percent compared to the same period in 2022. The decline in building sales came after the sector experienced substantial activity in 2022, hot on the heels of a wave of investment activity during COVID. According to Joel Naroff, president of Naroff Economics, inflation has hurt the multifamily investment sector by raising the cost of operations for building owners. However, despite the low building sales volumes to start the year, according to David Auerbach, managing director at Armada ETF Advisors, there’s reason to be optimistic.