Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage with our October 2024 Manhattan Market Update, and it was another solid month for the market. If you look at the headline numbers, they do look a little bit better than they actually were, but they still were very solid. We're up 26% year-over-year, but again, just like September, that's because last fall is very weak. However, when we compare to normalized levels of demand, we are still up 11% year-over-year, which is right in line with September. And I think what we're seeing here is the demand spurred by lower mortgage rates flowing through the system. So remember, mortgage rates go lower, that gets people off the sidelines, they go out and they look, and it's a few weeks, maybe a month, two months until they actually go into contract, and that's what we're seeing here. When we look at this by price point, the lower end was the weakest, and then these numbers get kind of crazy just because a 26% year-over-year increase is going to lead to this much variability. But suffice it to say the market was pretty solid in October. Arguably bigger story, we saw a pretty sudden or dramatic move to the downside. We went from down 4% year-over-year on the inventory side to down 7% and down 7%, that's a pretty material move. So inventory continues to get tighter while demand continues to get stronger so obviously that bodes well for prices going forward. However, I think the strength is going to be short-lived because of mortgage rates and everyone who watches this every month knows probably the number one thing I say is that The Fed rate does not dictate mortgage rates and over the last month you can see a perfect encapsulation of that lack of dynamic at play. Remember last month The Fed reduced its Fed Funds Rate 50 basis points and mortgage rates have gone straight up since. They've gone up almost three quarters of a percent and that's because the market's expectations for future cuts have become less significant, fewer, or further out. Basically, people don't expect The Fed to cut as significantly as they previously did. So when you discount that back to today, today's mortgage rates go up. So just this is probably the best example we've seen so far where the Fed rate does not dictate mortgage rates and anybody telling you otherwise doesn't know what they're talking about. So with mortgage rates moving up about three quarters of a percent, obviously that's going to dampen demand going forward. So we see people entering the market based on today's mortgage rates and then going into contract down the road. I think that's what we're going to see as we get into November and December. We're going to see this recent strength take a step back as higher mortgage rates filter throughout the system. So that's pretty much it. We are entering into a slower period of the year as we get to Thanksgiving and the holidays. But if you're out there and you want to slice and dice this data specifically to your search, you can reach out to us at info@yoreevo.com. We'd be happy to help with your search and get you a commission rebate for up to 2% on any property in New York City. Thanks for watching and we'll see you next month, bye.