It’s been another great year for multifamily transactions so far, though sales volume has been a bit more erratic than one would expect during such a thriving time for the industry. In April, transaction volume totaled an impressive $3.9 billion, but just one month later, sales shot up to $5.5 billion. In June, things got even more active, netting a staggering $6.8 billion in property sales.

But what goes up is bound to come down again. July was particularly poor, with just $2.9 billion in volume, a 40 percent decrease from July 2011. The drop can be attributed to a 29 percent slide in garden properties and a 54 percent fall for mid-/high-rise assets trading hands year over year, according to Real Capital Analytics. Yet, volume spiked dramatically, to $6.4 billion, in August, a harbinger of the traditionally busy fourth-quarter buying season.