Hey everyone, it's James at Yoreevo, New York's number one commission rebate brokerage, with our November 2025 Manhattan Market Update. We actually saw a pretty big slowdown in November, a slowdown that surprised me because we've been very busy. But when you look at demand versus normalized levels, we saw about a 20% pullback. We went from about 17% above to 2% below, so a big slowdown. Normally, I just gloss over the contracts by price point because there's a lot of noise here, but I do think this is worth diving into because you can see the slowdown was almost entirely, or maybe entirely, at the higher end. The $1 to $2 million and the $2 to $5 million price spans are where we saw about a 20% to 25% pullback. I think the most common explanation you would get for that is the mayoral election. Maybe you had higher-end buyers going to the sidelines, and we did have buyers talk about that. But to the extent that they did mention it, they were all hoping to capitalize on other people leaving the city. Nobody canceled their search, nobody postponed their search, and everybody was still very eager to buy. I think that's generally been the consensus across the brokerage world. A lot of people were talking about it, but nobody's really acting on it. So I wouldn't be surprised if this changes or reverses as we go forward. But you can see here, the data is the data. We saw a slowdown at the higher end that pulled down the overall market. This is the chart that really summarizes it. You can see we went from up about 17% to down about 2%, so a big slowdown. Inventory, nothing's changing. It's flattish year over year, and it's still tight versus normalized demand. We can just skip over that. The other explanation for the slowdown could be mortgage rates, I think to a much lesser degree, because we did see a slight uptick this month, but really nothing to report on. But we did see a quarter-point or so decline in September and October. So maybe that decline was getting a lot of people off the fence and juicing the numbers for September and October, and November is actually not as much of a slowdown as it seems. It's more so September and October were juiced by those buyers re-entering the market. So that's really it. November, the headline numbers are weak. We're still seeing a lot of demand. Low-end, high-end, doesn't matter. Across the board, we're seeing a lot of activity. You can reach out to us at info@yoreevo.com, and we'll get you a commission rebate on any property in New York City. So, thank you for watching, and we'll see you next month. Bye.