Hey everyone, it's James at Yoreevo - New York's #1 commission rebate brokerage with our July 2025 Manhattan Market Update. And it was a surprisingly strong month. It was an unexpectedly strong month, but remember July and August are two of the slowest months of the year. So you don't want to over extrapolate these results, but it was strong results. So we saw strong results. Nonetheless, when we look at the number of contracts signed, we were up 5% year over year, but that number moves around a lot. So we like to compare to normalize levels of demand and you can see here, big uptick back to levels we were seeing in late last year, early this year. If I were to explain this, it would be, remember that real estate is a confidence driven industry, confidence driven transaction. So buyers aren't feeling good if they're feeling uneasy, they just go to the sidelines. And that's what we saw in April with all the tariff uncertainty. Buyer said, I don't know what's going on, I'm not going to buy. And they just didn't do anything. So buyers aren't looking in April, they're not going to be signing contracts in May and June. So we saw the pullback in activity in May and June. But with things getting a little more calm, buyers started to dabble a little bit more in May and June and then sign contracts in July. Again, I'm not going to take these results to the bank. I think the market doesn't feel quite as strong as these numbers would indicate, but it was a strong print nonetheless. Similar story on inventory, although not as dramatic. We saw a 1% pullback in the number of listings on the market. And when we compare it to normalized levels of inventory, we're down 8%. So obviously with higher demand and lower supply heading into the fall, that would bode well for pricing. But again, I don't think the market feels as strong as these numbers would indicate. So I won't get carried away. We cannot attribute any of this to mortgage rates. The 30-year fix was miraculously steady this month, bouncing on either side of 6.75%. So really no change at all in mortgage rates. But again, it feels like despite these numbers, it feels like more of a buyer's market. So this is a good time to get out there. We'd be happy to help and get you a commission rebate for up to 2% on any property in New York City. You can reach out to us at info@yoreevo.com and we will see you next month. Thanks for watching. Bye.