Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage with our November 2023 Manhattan Market Update, and a very quick summary in November is the weakness we saw in October persisted. So if we compare on a year-over-year basis, the number of contracts signed was down 4% but remember last fall was very weak. So we want to compare two normalized levels of demand and we are down 16% compared to that measure. Basically echoing that the market is quite weak right now. When we look at this on a year-by-year basis, again, nothing that dramatic but we're comparing to a very weak period. The contract signed by price point - these move around a lot, but I think it is worth noting that the number of contracts signed at the lower end under $600,000 was down 25%, and I think that goes back to affordability being a big problem with the rise in mortgage rates. People who are financing just can't qualify anymore or don't want to buy anymore, so that's definitely impacting the lower end of the market. But this is the chart that we like to focus on because it's comparing to normalized levels of demand, and you can see the weakness that we saw in October actually weakened further in November. We're basically at the lows that we've seen in over a year now. On the inventory front, we're still seeing absolutely no change there. We're down 4% year-over-year, and this is really what I'm watching going forward. I think if we were to start to see rise in inventory, that would really - I don't want to say break the dam in terms of pricing - but it would definitely put pressure on pricing. Mortgage rates move around a lot, week-to-week and month-to-month. Inventory is a much steadier trend, so if we were to see inventory break higher, that would definitely be something to look out for. Definitely a concern for sellers out there. On the price point - inventory by price point - we're down across the board. Nothing really interesting here. There is a little bit of good news on the mortgage front, rates were getting close to 8% last month. They've drifted back over the last month, they're down around 7%, so still not anything great, but I guess we'll take what we can get. Here's the chart that we look at every month. You can see no change in The Fed Rate, but mortgage rates have gone down a bit. If you're curious to why, that's because inflation came in below expectations, which means it's less likely that The Fed is going to raise further or they might cut sooner. Market rates came down and so mortgage rates came down. So that's really it. November is a slower month. December is also slow, so we're probably not going to have too much of an update next month. But the thing to watch out for is definitely inventory. If more sellers were to list, a lot of them are locked into their current places right now, because of low mortgage rates. If more of those sellers were to throw in the towel and put their apartments on the market, that would give buyers a lot more to choose from. So there would be less urgency and the impact from higher mortgage rates would be felt more acutely, putting pressure on prices. So as always we can slice and dice this data however you like. So reach out to us at info@yoreevo.com. We'd be happy to help with your search, analyze the data, and of course, get you a commission rebate for up to 2% on any property in New York City. Thanks a lot and happy holidays, bye.