Signs are emerging that the market is bottoming, and sales volumes will increase moving forward. There is a lag between offerings and closed transactions, so this recovery is likely another quarter away, according to a market update report from Colliers.

Multifamily volume increased slightly quarter-over-quarter, suggesting it has bounced from its low point, Colliers said, while "the tailwinds of demand and undersupply of housing remain strong drivers of a multifamily investment thesis."

Nonetheless, it remains the top asset class for volume, though it has seen the most significant pullback in activity year-over-year.

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