The economists that I follow are calling for a continuation of the housing recovery but at a more gradual and sustainable pace. A few of the factors still keeping the reins on this market are the higher prices, increased mortgage rates and the tighter lending standards. Interestingly the prices usually lag sales in the housing market, but this recovery has been the reverse and sales are lagging prices due mainly to the lack of inventory.

As for new inventory, it is not coming to market this Spring at rate that is satisfying the greater buyer pool or inline with market expectations. The typical seasonality of our market place is a bit undefined. New homes have continued to come to market in an unpredictable manner. Where are the days when traditional seasonality would define the predictable trend of new homes that the buyer pool seeks?

On a positive note the current mortgage environment has been trending sideways to down, with rates still low historically speaking. My advice to buyers is to make sure to get an early start with their mortgage person as the Pre-Approval letter is necessary in the purchase process when an offer is ready to be made on that special home.  

This weekend is the Coldwell Banker Open House Event. On Sunday afternoon there will be 48 open houses in Fairfield, Westport, Weston, Wilton and Norwalk ranging from $239,900 to $6,499,000.