As you watch the video, the number that really stands out for May is the drop in closed sales. Last month we saw a 44% drop in closed sales compared to a year ago, but you need to take a closer look at the numbers. New contracts in May only declined 4% from a year ago, while April new contracts were down nearly 57% year over year. So, the drop in closed sales last month appears to be driven more by April contracts. The other number to pay close attention to is the inventory of homes available for sale. Once again, inventory is down double digits from a year ago. The continuing decline in inventory and strong demand are pushing prices up. Our median sales price is approaching all time highs, wiping out the declines of the great recession.