Buyer appetite for commercial property remains strong as indicated by continued low cap rates, rising transactions, and prices at three‐and‐a‐half‐year highs. Multifamily construction took a break from its recent momentum; single‐family construction continued upward even as new home sales dropped dramatically. Existing housing prices are taking off, at least for now. But weak economic indicators continue to raise fears that any emerging strength can be easily knocked off course.
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