Hey everyone! It's James at Yoreevo, New York's number one commission rebate brokerage, with our May 2026 Manhattan Market Update.

We had another solid but, frankly, kind of boring month. When we look at the number of contracts signed, we are up 4% year over year and 3% versus normalized levels of demand, which was a pullback from last month, when we were up about 11%. But we're still right in that flat-to-up-10%-ish range that we've been bouncing around for the last six, seven, or eight months. I zoomed out and looked at the spring selling season overall—that's February through May. We are almost exactly flat. We are down four contracts this year versus last year. So, nothing exciting is going on with demand. Solid, but again, nothing exciting. On inventory, we did see a reacceleration in the declines. We are back down to 9%, which is what we saw in March after a little blip up to down 7% last month. So, no change on the inventory side. Sellers—or would-be sellers—are continuing to hold their properties off the market, which is giving buyers fewer things to choose from, and that's supporting pricing. But what is not supporting pricing is mortgage rates. The 30-year fixed is now at about 6.5%. That's simply because the 10-year Treasury has gone up as inflation expectations have gone up. So, the 10-year Treasury yield is now bouncing around the highs that we have seen over the last five years or so. This is really what you want to be watching going forward. If there was something that was going to derail the market, it would be higher rates impacting demand because inventory is very steady, but obviously rates move around pretty erratically month to month. So, that's about it. The spring selling season overall was solid. We're heading into the summer, which is always a slower time of the year. But if you're looking to buy or you have any questions about the market, you can reach out to us at info@yoreevo.com. We'd be happy to help and get you a commission rebate. So, thank you for watching, and we will see you next month. Bye.