Hey everyone this is James at Yoreevo, New York's #1 commission rebate brokerage with our March 2023 Manhattan Market Update and we have a couple of interesting data points to relay this month. First on sales: if you just look at the headline level of contract activity, it's doing what we thought it was going to do. The year-over-year declines are narrowing because the comps are getting easier. However, well actually, before we get to that. You can see here this is the year-over-year chart. You can see down 22%, smaller declines, all as expected as forecasted last month. If we look at this by price point, nothing too interesting here. But what is interesting is if we compare to the 2017 to 2019 average level of demand, which is what we use as a proxy for normalized demand. We are now up. We are up 13% compared to that level of normalized demand and this is the first increase since September. So you can see in this chart, the market weakened all as we went through 2022. It troughed in the fall as kind of that interest rate shock was at its maximum point. And then buyers seem to be adjusting and we're seeing pretty robust levels of demand out there. And if we look at inventory, there isn't any good news for buyers there either because inventory is up just 1% and we have been bouncing around that flattish level of demand for the last six or nine months, but this is actually a reversal of what we have been seeing the last couple months. It had ticked up a little bit of 3-4% now we're back up to 1%. So basically for all the buyers who are out there, they're seeing more more activity on the buyer side and less supply on the seller side. So the buyers who are in the market have to fight over the listings that are available, which theoretically should push up pricing. I wouldn't get carried away and say that's happening yet, but the ingredients are there for a pretty strong selling season for sellers. Not as strong as last year, certainly not, but it's much improved versus the market that we were looking at in the fall. If we look at inventory by price point, basically the lower the price point, the less inventory there is. And we also wanted to look at mortgage rates again that's as we do every month. Nothing too interesting on this chart, just revisiting it. The Fed raised a quarter of a point last week. Mortgage rates didn't really do that much but what I did think was interesting is because of the bank failures, we've seen the 10 Year Treasury come down quite a bit. And this is a very long term chart here but you can see the 10 Year Treasury in purple here. 10 Year Treasury has come down quite a bit. Mortgages have come down but not too much and this just brings up a broader point where the spread between the 10 Year Treasury and 30 Year Fixed Rate mortgages is elevated and this is going back to 2014. You can see from 2014 to 2020, so a six year stretch. The spread between the the two rates was pretty consistent. Didn't really move much at all about 1.75% and then with all the uncertainty around COVID, it blew out. It went up to, let's call this, 3% before normal rising again but we're back not only to those levels. We're actually pretty much at the highs. So for anybody tells you what interest rates are going to do, what mortgage rates are going to do, they're usually just making it up. However given the spreads are elevated, the long term trend would pull mortgage rates down assuming that the 10 Year Treasury rate doesn't move, I wouldn't adjust your search because of that. But that is a potential tailwind for the market going forward. If these spreads were to normalize, so this is getting a little in the weeds. This is from our Fed rate blog post which I'll link to in the description, which is pretty good and goes into this in in more detail. But of course if you want to learn more about how how the interest rate market works, if you want to learn about the New York City real estate market, if you're thinking of buying, obviously we'd be happy to help. We can get you a commission rebate for up to 2% on any property in New York City. We're happy to slice this data however you like to cater to your specific search. So thanks for watching. We will see you next month, bye.