The collective worth of San Francisco homes diminished by $60 billion since the last summer. The typical San Francisco home seller in the last year, who took a loss, sold their home for about $100,000 less than what they paid for it.
San Francisco home sellers are four times likelier than the average U.S. home seller to sell at a loss due to significant drops in home prices. A report from Redfin indicates that San Francisco is one of many cities where homeowners are experiencing losses when selling. Detroit, Chicago, New York, and Cleveland were all higher than the national rate of homeowners selling for a loss.
Outpaced Home Price Drops in the San Francisco Metro
During the three months ending July 31, homeowners sold approximately one in every eight (12.3%) homes in San Francisco for a lower price than the original purchase.
This higher proportion surpasses rates in any other major U.S. metro and is four times the national rate of 3%. San Francisco’s notable surge in homes selling at a loss is almost double the next worst metro Detroit, which came at 6.9%. Chicago (6.5%), New York (5.9%), and Cleveland (5.8%) round out the list of metro areas where the highest share of homeowners lost money on home sales.