Larger share of U.S. homes sell at a loss
A growing proportion of homeowners are selling their houses for less than they paid for them, per data Redfin requested by Axios.
Why it matters: Some homeowners lost six-figure amounts on their sale.
Driving the news: More than 3% of U.S. homes sold at a loss August–October 2023 — up from 2.4% a year ago.
- The median loss was around $40,000, per Redfin data.
Zoom in: The highest proportion and largest losses were in San Francisco. Roughly one in seven SF owners lost money on their home sale, with a median loss of $122,500.
- Detroit, Chicago, Cleveland and New York were also among the top five cities with the highest proportion of losses — all north of 6%.
- Losses were least common in Providence, Rhode Island; Anaheim, California; San Diego, Boston and Fort Lauderdale, Florida.
The other side: Some markets have even been stronger for sellers this year. The proportion of losses in D.C., for instance, has shrunk since last year.
Sellers are still on top in this low-inventory market. Those who've been in their homes for a long time can make a profit, per Redfin.