In many housing markets across the country, home prices are still hovering around their pandemic peak despite mortgage rates that are pushing two-decade highs—but San Francisco is not one of them. The average San Francisco home value is down 11.5% over the past year, and 13.2% from its peak, according to Zillow. For homeowners looking to sell, that spells trouble. San Francisco home sellers are four times as likely as the average U.S. seller to take a loss, according to Redfin.
“Roughly one of every eight (12.3%) homes that sold in San Francisco during the three months ending July 31 was purchased for less than the seller bought it for, up from 5% a year earlier,” Redfin data journalist Lily Katz and senior economist Sheharyar Bokhari, wrote in a report published today. “That’s a higher share than any other major U.S. metro and is quadruple the national rate of 3%.”
