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RATE HIKE STILL COMING?: Expectations for a summer rate hike fell into a sinkhole after the Labor Department reported that nonfarm payrolls grew by just 38,000 this month amounting to the worst monthly jobs growth in 5 years. A decline in the unemployment rate to 4.7% came only because 664,000 Americans fell out of the workforce. All of that happened amid a growing chorus of Fed members professing recently that a rate hike was appropriate and imminent. The economy, they contended, was gaining steam, with employment near capacity and inflation comfortably climbing toward the U.S. central bank's 2% target. Additionally, private consumption—the main engine of the economy—continued to grow, although at a slower clip. Consumer spending is likely to remain buoyant at the outset of Q2 as retail sales surged in April but with the payrolls having the worst job growth in 5 years, now there is uncertainty. Uncertainty means we may see rates stay the same for longer which helps buyers and thus the prices for owners.
NATIONAL ASSOCIATION OF REALTOR'S (NAR) MARKET REVIEW: NAR reviews the performance of the Commercial Real Estate market. Here is the summary of what is happening in the 1st quarter of 2016.
• The pace of commercial transactions dropped in the 1st quarter of 2016, following an upbeat 2015.
• The volume of commercial sales in primary markets & cities totaled $111 billion, a 20% year-over-year decrease.
• Continuing the trends from 2015, apartment transactions comprised the largest share of 1st quarter volume, with $38.6 billion in sales, followed by office properties, which accounted for $31.2 billion.
• Retail and industrial sales totaled $17.9 billion and $12.6 billion, respectively.
• In comparison, sales in secondary & tertiary markets and cities rose 8.5% year-over-year during the first quarter, based on realtors market data.
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