Hey everyone. This is James at Yoreevo, New York's #1 commission rebate brokerage with our February 2023 Manhattan Market Update. Just checking in on mortgage rates . Off the bat, we have seen about 0.5% increase from last month and that is starting to dampen buyer demand just a bit. We're seeing some buyers rethink their purchases. We're seeing a couple deals fall apart because interest rates have gone up, but in general the market is still in pretty good shape. If we look at the number of contracts signed in February, we're down about 32% which is better than last month's 38%. But like we said then, you can't look at the percentage declines solely because the comparisons are getting easier. But before we get to that, we can just look at this by price point. If you remember last year, the high end was the weakest part. We're not really seeing that anymore. Basically pretty consistent declines in demand across all price points. I put together this chart to compare demand to normalized levels and when I say normalized, I'm taking the 2017 to 2019 average. And you'll see that in the first half of 2022, the market was very strong. We're seeing much stronger than normal demand and then that fell off as interest rates went up and it basically troughed in the fall. The fall was very slow and we've seen that normalizing. We're basically back to normalized levels. This is what I'm expecting going forward, kind of bouncing around that normalized level of demand so remains to be seen. We're getting into the spring selling season, that's going to be the real test, but the market is pretty good right now. I wouldn't say it's great once it's weak. It's like pretty normal. And then part of the reason why it's still pretty good is because inventory is still very much under control. We're up about 3% year-over-year and for the last 6 months or so we've been right around flat up low single digits. Sellers just aren't bringing their properties to market so while demand is down quite a bit, inventory is not up so we're not really seeing a huge effect on pricing. Pricing is definitely down but definitely not a catastrophic market. The market's still solid. Maybe prices are down 5% give or take depending on where you're looking. So again we're getting into the spring. It's going to be the big test for the market. And if you're in the market, obviously we'd be happy to help. We'd be happy to slice and dice this data however you like. Help with your search and get you a commission rebate for up to 2% on any property in New York City. That's about it. So thanks a lot and we'll see you next month, bye.