Hey everyone! It's James at Yoreevo, New York's number one commission rebate brokerage, with our December 2025 Manhattan Market Update. Happy New Year, everyone!

If you remember last month, we saw a big pullback in activity, and we were wondering, "Is this a blip, or are we looking at a sustained downturn?" December's results made it very clear that it was just a blip. When you look at the headline numbers, we are up about 5% year over year. But this is the chart we always focus on—versus normalized levels of demand. You can see we rocketed right back to levels we saw in September and October, which are very strong months. So it seems like buyers went to the sidelines headed into the mayoral election and then decided, "Yeah, I still want to buy." Then they resumed the search and signed contracts in December. On the inventory side, no change here. It's the same thing we've been telling you for two years, although we did see the largest year-over-year decline this month at 5%. But here it is. This really sums it up: very, very low levels of inventory compared to normalized levels. So, low supply continues to support pricing and offset higher mortgage rates.

On mortgage rates, we did see a sneaky decline. I say a sneaky decline because I don't think it really got much attention, but we're now in the low sixes for the 30-year fixed mortgage, which is the low end of the range. The Fed did cut a few weeks ago, but that wasn't the driver of the decline. Rates declined headed into that because people thought they were going to cut. So that's really it. We have strong demand, low supply, and mortgage rates are near the recent lows. We're two or three months away from the spring selling season, but now is a good time to get your ducks in a row if you are looking to buy. You can reach out to us at info@yoreevo.com, and we are happy to help you in your search and get you a commission rebate on any property in New York City. So, thank you for watching, and we will see you next month. Bye.