Hey everyone, this is James at Yoreevo. New York's #1 commission rebate brokerage with our May 2025 Manhattan Market Update, and we are finally starting to see the market volatility impact sales here in the city. When you look at the headline numbers, they don't look quite as bad as they are. The signed contracts are up 4% versus last year, and down 2% versus normalized levels of demand, so either side flat. However, both those numbers are about 10% higher last month, so definitely a big pullback in demand, and you can see that in our favorite chart here. Comparing normalized levels of demand, we are negative for the first time in about a year. So we're definitely seeing increased market volatility impact buyer confidence and now finally, signed contract activity. Not much of an impact on inventory though, while we did see a slight pullback, we're down less than 1% year-over-year on the inventory side. When we look at normalized levels of inventory, we're about the same as we were last month. And in addition to the higher market volatility, we are also seeing higher mortgage rates, so that's definitely contributing to the pullback in demand. This chart is a little too long term, so I zoomed in here and if you look at the last three or four years, and you can see with an exception of that little rip in 2023, mortgage rates have generally topped out around 7% and that's roughly where we are now. So basically, we're seeing higher market volatility with higher rates. That's not a good recipe for contract activity. That's not a good recipe for prices. So if you are in the market, it is definitely becoming more of a buyer's market. You can reach out to us as info@yoreevo.com, and we'll be happy to help get you a commission rebate for up to 2% on any property in NYC. Thanks a lot and we'll see you next month. Bye.