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Recovery has been tracked on a nationwide scale as well. The six major metro areas have averaged a price recovery of 90% of peak compared to non-major metro areas averaging a 75% recovery. Of these six major metro areas, two have met previous peak-price levels, compared to just three among the remaining non-major metros nationwide, including Dallas, Houston, and Austin. Increased purchasing activity was also recorded across all property types in the U.S. as of August, with a recent influx of institutional and private buyers for retail properties causing prices to rise faster for the retail sector than others. Conversely, the multifamily sector has experienced a slowing of price gains after consistently leading the other sectors, potentially due to the slowing of the recent rush to rent by those hit in the housing downfall. Sales of significant commercial property nationwide totaled $24 billion in August, up 12% year-over-year.
Positive movement continues in the Phoenix multifamily market; investor transactions are on the rise, average rental rates have increased, and developers are continuing to invest in the market. With the market stabilizing after the recession, vacancies have continued to remain low and construction is increasing.
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