More people putting their homes on the market in Palm Beach County as interest rates drop

By Kimberly Miller
Palm Beach Post

A spike in the number of existing single-family homes for sale in Palm Beach County should dull price increases triggered by the Federal Reserve’s first interest rate cut since the pandemic, a leading Realtor said.

The lower rate approved Wednesday may lure homebuyers sidelined by high mortgage costs back into the market, which would increase competition and potentially drive up prices.

But with a 62% jump in months’ supply of inventory in August compared to the same time in 2023, and a 54% increase in active listings, Jeff Lichtenstein believes the market will remain stable.

“I’m reading articles, and everyone says everything is going to soar, but I don’t think so,” said Lichtenstein, who is president of Echo Fine Properties in Palm Beach Gardens. “If this cut happened a year ago, people would have rushed in because inventory was so low, but now there is more to absorb.”