Mirroring broader trends, commercial transactions in REALTORS® markets registered a positive fourth quarter. On a year-over-year basis, sales increased 11 percent in the last quarter, as prices rose 4 percent. Cap rates continued compressing with a 50 basis point decline, from an average of 9.2 percent in the third quarter to 8.7 percent in the last. Multifamily properties recorded the lowest average cap rates, at 7.7 percent, followed by hotels, at 8.0 percent. Office and retail spaces posted cap rates of 8.6 percent and 8.5 percent, respectively.