Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage with our August 2024 Manhattan Market Update. I'm out next week, so we're doing this a little early, but the last week of August is pretty slow, so these numbers aren't going to move around too much. 
It's looking like a very solid month, a continuation of the strength that we saw in July. When we look at contracts signed, we're currently up 12% year-over-year and 15% versus normalized levels of demand. That's simply buyers getting off of the sidelines because mortgage rates 
have come down. This is the chart that we look at every month. You can see July was solid, August is even better. On the inventory side, we're down 4% year-over-year, which is another solid reduction, especially because we are lapping additional declines. So like we've been 
saying for the last couple of months, as inventory remains tight, buyers have fewer options and this is really supporting pricing. But mortgage rates are the star of the show. It's what everyone's talking about because The Fed is going to lower their rate in September. And a lot of buyers are getting jazzed up about this a lot of sellers as well, but I will caution you like I do pretty much every month that when The Fed reduces rates you are not going to see mortgage rates come down mortgage rates have already come down because everyone knows that The Fed is going to be reducing rates in September and in the future in order to see today's rates go down you're going to see a larger declines more declines or faster declines, basically you're going to need to see a more dramatic reaction from The Fed, more significant cuts than what the market is expecting and that will pull rates lower. So we're definitely gearing up for a strong September we're seeing a lot of activity kind of brewing we have a lot of listings that we're holding off on the sidelines until we get to after Labor Day. So if you are in the market you want to get your searches set up talk about the market before that wave of inventory hits the market you can reach out to us at info at info@yoreevo.com. We hope you have a nice end to your summer, and we will see you next month, bye.