Hey everyone, this is James at Yoreevo, New York's #1 commission rebate brokerage with our December 2024 Manhattan Market Update. Happy New Year everyone! As we closed out the year, we had a pretty solid month. The headline numbers did slow down, but that was just a function of tougher comparisons. When we look at the number of contracts signed on a year-over-year basis, we're up 22%, which is a bit slower than 33% last month, but we are still up an impressive 17% compared to normalized levels of demand. So we're not really seeing any slowdown in the market despite the increase in rates. I am paying attention to this going forward because if people were in the market in November when rates started to rise, they might have just gone through with their purchase anyway, and we might see fewer people entering the market going forward given the higher rates, but TBD on that. This is the chart that we always look at, which compares the number of contracts signed to normalized levels of demand, and you can see a little bit of uptick here. So no signs of any slowdown in the market, and probably the number one thing, or definitely the number one thing that we have to point to to give credit for that is the lack of inventory. So the inventory reductions on a year-over-year basis continue to accelerate. We are down 9% at the end of December compared to 8% in November, so buyers just have fewer and fewer options to choose from, and so they are acting with more urgency on the listings that are on the market. And like we referenced before, this is all despite a continued rise in mortgage rates. Here's a chart we always show, The Fed Funds Rate versus the 30-year fixed-rate mortgage, and you can see we are currently pushing 7%. In fact, I saw something earlier this week that jumbo loans, which most buyers in New York are getting a jumbo loan, are actually already over 7%. So for the time being, things are still chugging along. Remember, December is a very slow month of the year. It's basically the slowest month of the year, along with August. So things can be a little bit more erratic when we have fewer data points, but for the time being, demand remains strong, inventory remains tight. The spring will be the big test, just like it is every year. So as we gear up for the spring selling season, if you're in the market, you want to slice and dice this data to specifically your search, we're happy to do so. You can email us at info@yoreevo.com. And of course, we'll get you a commission rebate for up to 2% on any property in New York City. Thanks for watching, and we will see you next month.