Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage with our July 2024 Manhattan Market Update. And it was a very solid month. It was a surprisingly solid month. We had higher contract activity, lower inventory, and lower mortgage rates. So starting with contract activity, we are up 7% year-over-year. And if we look at our favorite chart, you'll see that we are up 10% versus normalized levels of demand, which is actually the strongest result this year. I do want to tap the brakes on this a little bit. The market definitely feels a little bit stronger, but definitely not as strong as what we were seeing in January and February. So I would be surprised if this continued into August and then really the fall. But for now, very solid month. I do think we are getting some buyers off of the sidelines because mortgage rates have dipped down a little bit. But I think some buyers also think that they want to buy now before The Fed cuts, because Fed cuts will cause other people to buy and push up pricing. If you watch this every month, you know that that's not how it works. But if buyers think that's how it works, then there is a bit of a self-fulfilling prophecy there. I think the more surprising metric is inventory, which was down 6% year-over-year. If you remember last month, we were starting to lap declines, so further declines became more difficult. And despite that, we saw an acceleration to the downside. So again, it's a summer I don't want to over extrapolate this. But if we continue to see reductions anywhere around here, we're going to continue to see a lot of support on pricing because buyers are going to get squeezed into fewer and fewer options. So mortgage rates have been a bit more of a hot topic. You can see there hasn't really been a ton of change. They have drifted lower by maybe a quarter point or so. But everyone is fixated on The Fed cutting in September. But remember, since everyone knows that The Fed is going to cut, it's already baked in. So you shouldn't expect mortgage rates to take a step function down the day that The Fed cuts. So that's really it. Solid month, but we want to see that continue into August before we draw any firm conclusions from that. But if you're in the market and want to get a commission rebate for up to 2% on any property in New York City, email us at info@yoreevo.com. We'd be happy to help. And of course, slice and dice this data however you like. So thanks for watching and we will see you next month. Bye.