Hey everyone it's James at Yoreevo, New York's #1 commission rebate brokerage with our October 2023 Manhattan Market Update. And if you remember last month, September was pretty weak but it's also not a very busy month. So we wanted to see how October played out before we drew any conclusions. And the bad news is October was weaker than September. If you just look at demand on a year-over-year basis, it actually looks pretty good. The number of contracts signed compared to last October was up 10%, but the problem is that it's not because this October was good. It's because last October was terrible. If we compare to normalized levels of demand and we're actually down 11%, which is a slower, weaker reading than we saw in September. So I wouldn't really read into these demand charts by price point, it's very noisy, but this is the chart that really sums it up. You can see we saw a deceleration a weakening in October versus September. And if you take out that weird month of April, it's probably the slowest month we've seen all year and the market definitely feels slower. So quickly on inventory, nothing is changing there. We're still down 4% and the lower you go on price point, the less inventory is, really nothing changing there. But mortgage rates are changing and that's what's affecting demand, we're approaching 8% for the 30-year fixed and here's our favorite chart comparing The Fed Funds Rate to the 30-year fixed and you can see that interest rates just continue to bleed up, and that's because what's also interesting here and worth hammering home is that The Fed has not changed rates. And in fact, since The Fed's last raise rates, mortgage rates have gone up a full percentage point, so this is really solid evidence. A really great example that shows that The Fed Funds Rate does not directly impact mortgage rates. And I found this a great chart courtesy of Jonathan Miller, and there's a lot going on here. But the very quick summary is that the dotted lines are what the market thinks The Fed is going to do in the future and then the solid green line is what they actually did. And you can see they're pretty much always wrong. So the reason that morgage rates have gone up is because the market now thinks that The Fed is going to keep rates higher for longer. In other words, they're not going to start cutting as quickly. Which when you discount that back today, means higher interest rates, higher mortgage rates. So that's the main problem we have in the market right now, it's the same general dynamic higher mortgage rates are weakening demand, weakening prices, but then lower inventory is supporting the market. So right now the movement is higher on mortgage rates which has pushed down prices a little bit. So inventory, again, is the thing that we want to watch going forward along with mortgage rates. So if you're in the market and you want to slice and dice this data specifically to your search, just let us know, email us at info@yoreevo.com. And of course, we' be happy to help with your search and save you up to 2% on any property in New York City. Thanks for watching.