Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage with our August 2025 Manhattan Market Update. Last month, we saw a big uptick in demand, an uptick that we weren't really seeing and couldn't really explain. And with the benefit of August data, it does look like that was a blip because we saw a pretty big pullback in demand. The number of contracts signed was down 2% year over year. It was still up 5% versus normalized levels of demand, but that's compared to 15% in July. So we're not quite back to the levels we are seeing in May and June amidst all the tariff uncertainty, but we definitely saw a pullback in demand. On the inventory side, same story there. If you remember six-ish months ago, we were seeing some increases and we thought maybe the story had changed there and supply was no longer going to cooperate. That turned out not to be the case. We have seen consistent declines for a few months now and that's on a year over year basis when we look at it versus normalized levels of inventory, you can see we're back towards the lows. So inventory remains very tight, it's really supporting prices as buyers just don't have much to choose from. August is a very slow month of the year, so these data points aren't that important. What you might have seen in August is the Fed chairman in - I think it was - two weeks ago, indicated that the Fed is more open to cutting rates in September and that got everyone very excited thinking that mortgage rates were going to come down quite a bit. If you watch this every month, you know that expectations, changes in expectations are what drive mortgage rates today and given that was unexpected, meaning people were not expecting the Fed or not as confident that there was going to cut in September, that did bring interest rates lower, all interest rates, but specifically mortgage rates, but you can see that it was not much of a change. It wasn't really anything to get too excited about. Mortgage rates came down about 0.2% versus last month. So we'll take it, but we're still solidly in the six and a half, six, seven, five range. If you were thinking this is going to push rates down to the fives, it's not going to. So mortgage rates a little bit better, but not nearly to the degree that the financial media might have led you to believe. So we're heading into the fall. This is the spring selling season. Then this is when activity really ramps up. September doesn't see that much in terms of contract activity because September contracts are reflective of August buyers, but in October and November, we're going to see a lot more contracts getting signed. So if you're in the market, you want to save up to 2% on any property in New York City, of course you can reach out to us at info@yoreevo.com. We'd be happy to help and slice and dice this data specifically for your search. So thank you for watching and we will see you next month. Bye.