The newest report from New York City-based Real Capital Analytics (RCA) shows that November continued the sales growth trend that most expected, pointing to a stirring finish to the year.

Multifamily sales topped out at $5.5 billion in November, marking a 19 percent increase year-over-year. But it’s worth considering that $1.7 billion of that total was portfolio sales, with American Campus Communities’ $863 million student housing portfolio purchase leading the way.

Although December figures have not yet been reported, the total sales volume for 2012 is projected by RCA to come in around $75 billion—a nearly 40 percent increase from 2011. This would also mark the first time in more than a decade that apartment sales trumped office sales volume on an annual basis.

In terms of cap rates, here’s how each region of the U.S. closed out November on weighted average: The Midwest saw the highest at 7.5 percent, while the West registered the lowest at 5.6 percent, followed closely by the Northeast's 5.9 percent. In between, the Mid-Atlantic, Southeast, and Southwest ranged from 6.4 to 6.8 percent. Seattle and Manhattan tied for the lowest cap rates in November at 5.1 percent.