As the credit crunch continued, U.S. commercial real estate values dropped 1.2 percent in September, and more declines could be in store, Reuters reported.

“Over the next few months, we might see more ups-and-downs in the (commercial property price) index — with the downs exceeding the ups on a net basis — in contrast to the rather steady upward march of prices represented over the last year or so,” according to Moody’s Investors Service.

September’s decline is based on the first full month of data since the credit crunch accelerated in August, and could be a turning point in the once strong commercial real estate market, Moody’s said in a report. Moody’s monthly commercial property price index is based on repeat sales of the same assets at different times.

The number of transactions also fell 20 percent in September and by 30 percent from a high in June, Moody’s said. In the third quarter, commercial real estate prices rose 0.9 percent, but office prices decreased 0.5 percent and apartments by 1 percent, Moody’s said. Third-quarter industrial prices climbed 3 percent, while retail prices increased 2.6 percent. Moody’s said it did not expect commercial real estate delinquencies to rise.