We have mentioned previously that 2014 saw an unusually large number of high-valued transactions, with the extreme top-end prices driving the average seniors housing prices to historic levels, as well as pushing down cap rates to new lows. But in 2015, while there were proportionally fewer of both the highest-priced deals and the lowest-priced deals (see our April 13 blog post), it was a year of extremes for cap rates. In 2014, the two ends of the market (cap rates above 9% or below 7%) made up 24% of the year’s transaction cap rates. In 2015, cap rates over 9% made up 15% of the total cap rates, and those under 7% accounted for 27%, combining for 42% of the market. Clearly, the boost in sub-7% cap rates pushed 2015’s average down to a new record low of 7.6%, though it only dropped by 10 basis points. The median cap rate in 2015 also fell by 10 basis points to a new low of 7.5%. So while prices may have tempered in 2015, valuations haven’t.