Nov 28, 2023 - Real Estate

Few San Diego homes sell at a loss

Illustration of a real estate sale sign shaped like a downward point arrow

Illustration: Annelise Capossela/Axios

Almost no one in San Diego is selling their home for less than they paid for it, based on Redfin data provided to Axios.

Driving the news: From August through October, just 1.2% of San Diego homeowners sold their home at a loss, the third lowest percentage among the country's 50 largest metro areas, Axios' Brianna Crane reports.

  • Nationally, 3.2% of homes sold at a loss in the same period.

Yes, but: San Diego's number increased from the same period a year ago, from .48% to 1.2%.

  • That works out to only about 50 homes of the roughly 5,300 homes sold in the county during the three-month period, according to the San Diego Association of Realtors.
  • "It's really insignificant," said Julie Chang, an agent with Pacific Sotheby's International Realty. "There just isn't much distress."

By the numbers: San Francisco topped the nation, with 13.5% of homes sold at a loss this fall.

  • Detroit, Chicago, Cleveland and New York also ranked among the metro areas in which homes sold at a loss most often.
  • Providence, Anaheim, Boston and Ft. Lauderdale were the metros where it was most uncommon.

What they're saying: Frank Powell, president of SDAR, said the story in the local real estate market is still about affordability, not lost value.

  • "People have to mark their house down after three months if they don't list it for the right price, but houses aren't selling for less than people paid for them," he said.
  • "This is normal," Chang said, of prices leveling off after years of post-pandemic increases. "People are judging things by the last three or four years, and that wasn't normal. There was a frenzy, that abated, and now there's still a lot of demand, but there isn't much distress."

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