Hey everyone, this is James at Yoreevo, New York's #1 commission rebate brokerage with our November 2024 Manhattan Market Update. And this month's results were right in line with what we saw last month. When we look at the headline increase in contracts sign, meaning the increase from last year, we had a very solid, up 33%, but it's very important to keep in mind that November was very weak last year, it was actually the weakest month of any month last year. So that 33% isn't quite as impressive as it looks, but when we compare it to normalized levels of demand, we're still up a very solid 11%. You can see that the strength was across the board, all price points, and we've been bouncing around that up 10 -ish percent versus normalized levels of demand for a few months now. Inventory is both hurting and helping contract activity. First the headline numbers, we were down 8% year-over-year, that's a slight acceleration from the 7% decline that we saw last month. And I say that it is hurting in that obviously if you have fewer listings out there, you have fewer potential contracts, but I think the net impact is boosting contract activity because buyers are acting with a lot more urgency. They have fewer options to choose from, so when they see something that they like, they're pouncing on it. They're not waiting for something potentially better to come on the market in a few weeks. You can see when we look at this by price point, the only price point with an increase of activity is the lower end under $600,000. Every other price point has a decline in inventory. On the mortgage front, we got another Fed cut this month. The Fed cut rates another quarter point early in November, however, we continue to see mortgage rates drift up. So this is your monthly reminder that The Fed rate does not dictate mortgage rates. We're flirting with the high 6-7% right now, and I think that this is going to dampen demand going forward. You're going to have fewer buyers entering the market and potentially signing contracts a few months down the road. So I think when we look at demand on both a headline basis and a seasonally adjusted basis, we're going to see declines. We're going to see declines on a headline basis because those very easy comparisons from this month are going to flip. We're going to see much tougher comparisons in December and then in January, so you're not going to see those big headline increases in contract activity. And then on a seasonally adjusted or compared to normalized levels of demand, I think we're going to see a pullback as well just because mortgage rates have gone up. As we head into the holiday season, obviously we at Yoreevo wish everyone a happy holiday season. And if you do want to get started with your search, we're happy to slice and dice this data to cater to your specific criteria. You can reach out to us at info@yoreevo.com. We'd be happy to help and get you a commission rebate for up to 2% on any property in New York City. Thank you for watching and we will see you next year.