Hey everyone, this is James at Yoreevo - New York's #1 commission rebate brokerage, with our August 2023 Manhattan Market Update, and August is a slow time of the year. It's basically August and December where we have the lowest level of activity for the year, so this is going to be a very quick and simple market update. But when we look at contract activity, we are about flat versus both last year and normalized levels of demand. Normalized demand being 2017 to 2019's average. When we look at this by price point, no real discernible trend. It's up a couple percent, down a couple percent, bounces around. And then this is looking at contract activity to that normalized demand, and for the last six months or so we've been bouncing around flat. inventory continues to bleed lower. We're down about 5% at the end of August. But again, not the most important data point because not many sellers list in August. They save their listings for after Labor Day when buyers are back. So when we're sitting here a month from now, we look at inventory levels, it's going to be a much more important, a much more relevant data point, and really dictate the market going forward because we have two offsetting factors in the market right now that are really setting the tone on pricing, or not setting the tone on pricing. You have lower inventory and you have higher mortgage rates and they're basically canceling each other out. So we're not seeing too much on pricing. So if either one of those were to break, that's really going to dictate where the market heads in the future. So unlike contract activity we do have a trend on inventory by price point, the lower you go on inventory, the lower your own price point, the less inventory there is. And then touching on mortgage rates, we're at the highs. 7% is the new normal and that's with The Fed not doing anything to The Fed Funds Rate. So again, your monthly reminder: The Fed Funds Rate does not impact mortgage rates directly. Mortgage rates are 7%, 7%+, 7.25%. That's kind of the new norm, and it's not really to turning buyers. Again, to our surprise there's just not much inventory out there, so buyers are buying what they can. We hope everyone had a nice summer. If anybody's looking to search and get their search started in the new year you can let us know info@yoreevo.com. We can talk about your search. We can slice this data however you like, and, of course, we can get you a commission rebate for up to 2% on any property in New York City. So thanks for watching and we'll see you next month, bye.