Morning! This is MF Lending - the komorebi of mortgage newsletters. We’re the fool-proof way to serve up mortgage and real estate market knowledge without any of the guesswork. So you’ll look like the smartest agent in the room (and you are!)

Here’s what we’ve got for you today:

1. March Monthly Housing Data 💽

2. Home Prices Stabilize in March 🧮

3. Live ChatGPT Class for Realtors 🖥️

By the way, this article on “Date The Rate is a Nightmare” is the most clicked link in this newsletter, you should check it out if you are interested.

Was this email forwarded to you? Subscribe to get it directly!

Nuwave Rates Today 📈

This morning we are seeing a huge correction in interest rates from the relief we saw over the last few weeks…

March Monthly Housing Data 💽

Realtor.com’s March Monthly Housing Trends Report was released and showed a surprising lack of activity across the country.

With fewer homes hitting the market, home prices continue to stabilize as natural supply and demand come into play.

Here are the highlights from the report nationally:

• The total number of unsold homes, including homes that are under contract, increased by 9.3% compared to last year.

• Home sellers were less active this March, with 20.1% fewer homes listed for sale than last year [see chart]

• The median price of homes for sale increased by 6.3% annually in March, lower than February’s growth rate.

• Homes spent 54 days on the market, which is 18 days longer than last year but still shorter than before the pandemic.

Here is a breakdown of the Nashville metro stats for March:

Nashville continues to be a stronger market than the national numbers indicate.

“Median days on market” is well below the average, as well as active listing count, and price reduced share.

The official Existing Home Sales report will be released Friday.

Home Prices Stabilize 🧮

After months of slowly declining home prices, a recent study from Zillow shows home prices (especially in the southeast) have stabilized.

The housing market is not falling off a cliff as the media wants you to believe.

According to an analysis of Zillow Home Value Index data, the home price correction in the US is fizzling out, with only 23% of the nation's largest housing markets (mostly on the west coast) experiencing a month-over-month home price decline in March 2023.

This is a significant decrease from September 2022 (the height of the housing correction), when 79% of the nation’s 200 largest housing markets saw a month-over-month home price decline.

If clients are on the sideline waiting to “purchase something when prices come down” - they may be stuck renting for the foreseeable future.

Most of the data indicates that we have neared the bottom of the housing correction across the country.

ChatGPT Class for Realtors 🖥️

I am so happy to announce that I am going to be hosting a live class for realtors on 4/25 & 5/2 with Magnolia Title:

“How to Use ChatGPT To Grow Your Real Estate Business”

As readers of MF Lending, you all will get the first chance to RSVP - we have limited space in the conference room so please RSVP if you want to come!

If this conflicts with you, I will also be releasing it as a webinar after the 5/2 class exclusively for MF Lending readers.

The Cul-de-Sac

Mark your GCal 📆

1. 4/20 - Existing Home Sales Report (we will detail on Monday’s Edition)

2. 4/20 - Jobless Claims Report

Thanks for reading - that is all we have for today 😎

Please forward this to your friends and colleagues if you found it valuable.

— Michael F DiLucchio