The U.S. commercial real estate market has slowed in the past three months as the sputtering economy and a pullback in debt financing limited deals, cooling a recovery from Washington to California.

A total of $49.8 billion of commercial property changed hands in the third quarter, down from $58.5 billion in the previous three months, according to a report released today by Real Capital Analytics Inc. The 15 percent decline is the second-biggest since the first quarter of 2009, the real estate research firm's data show.

Deals slowed after concern deepened that the debt crisis in Europe may spread and the U.S. economy may enter another recession. Smaller markets are being hurt by less availability of commercial mortgage bonds. The retreat may be an indication of a market awakening to the fact that it was getting ahead of itself, said Susan Wachter, professor of real estate and finance at the University of Pennsylvania's Wharton School.