San Francisco Home Sellers Take Biggest Loss Nationwide As High Rates Drive Housing Declines

San Franciscans lead the nation in home sales losses, with 12.3% of sellers losing money in recent months.
The typical loss for San Franciscans selling at a loss was around $100,000.
High mortgage rates and remote work allowing people to relocate are factors in the Bay Area's housing declines.
Most SF homeowners still make money when selling, with homes selling for 70.5% more than purchased price.
Bay Area rental markets remain hot, with Mountain View, Palo Alto and Cupertino one-bedrooms renting for over $3,000/month.

sfstandard.com

Relevant topic timeline:

9/1/2023

The housing shortage is getting worse

The number of homes for sale in the US continued to decline in August, down by 9.2% compared to the previous year and 45% below pre-pandemic levels, leading to higher home prices and affordability concerns.

9/8/2023

Retailers Blame Theft for Shrink Losses, But Data Shows Complex Causes Behind Inventory Shortfalls

A number of retailers are attributing their lackluster profits to shrink, but the extent of the problem varies widely among companies and may not be as dire as some have suggested, with losses generally in line with the retail industry standard of 1% to 1.5% of sales, according to a CNBC analysis.

9/13/2023

Return to Office Policies Fuel Remote Worker Exodus, Forcing Some to Sell Homes at a Loss

Approximately 10% of home sales are driven by employees who are being required to return to the office, forcing them to sell their homes or risk losing their jobs.

9/21/2023

Home Sales Drop 21% as Higher Rates Cool US Housing Market

The United States housing market has seen a 21 percent decline in previously occupied home sales over the past year, continuing the slowdown caused by rising interest rates, while prices continue to rise despite the decrease in sales, leading to a shortage of affordable homes and worsening home affordability for the foreseeable future.

9/21/2023

Home Sales Drop in August as Prices and Interest Rates Rise

Sales of previously owned homes fell 0.7% in August from July, with high mortgage rates and tight supply impacting potential buyers.

9/21/2023

Midwest Home Sales Increase While Broader Market Slows Due to High Mortgage Rates

Home sales in the American Midwest defied the national trend by increasing in August, while sales across the country declined, due to high mortgage rates and low supply, according to data from the National Association of Realtors. Overall, home sales decreased by 0.7% in August and over 15% from the previous year, but analysts noted a stabilization in the market. The Midwest saw a 1% increase in home sales compared to July, but a more than 16% decline compared to the previous year.

9/26/2023

New Home Sales Plummet in August as Mortgage Rates Surge, Forcing Builders to Slash Prices

Sales of newly built homes in the housing market decreased by 8.7% last month, indicating that higher mortgage rates are negatively impacting the industry.

Topics

Posted 9/7/2023, 8:24:20 PM

San Francisco Home Sellers Take Biggest Loss Nationwide As High Rates Drive Housing Declines

San Franciscans lead the nation in home sales losses, with 12.3% of sellers losing money in recent months.
The typical loss for San Franciscans selling at a loss was around $100,000.
High mortgage rates and remote work allowing people to relocate are factors in the Bay Area's housing declines.
Most SF homeowners still make money when selling, with homes selling for 70.5% more than purchased price.
Bay Area rental markets remain hot, with Mountain View, Palo Alto and Cupertino one-bedrooms renting for over $3,000/month.

sfstandard.com

Relevant topic timeline:

9/1/2023

The housing shortage is getting worse

9/8/2023

Retailers Blame Theft for Shrink Losses, But Data Shows Complex Causes Behind Inventory Shortfalls

9/13/2023

Return to Office Policies Fuel Remote Worker Exodus, Forcing Some to Sell Homes at a Loss

Approximately 10% of home sales are driven by employees who are being required to return to the office, forcing them to sell their homes or risk losing their jobs.

9/21/2023

Home Sales Drop 21% as Higher Rates Cool US Housing Market

9/21/2023

Home Sales Drop in August as Prices and Interest Rates Rise

Sales of previously owned homes fell 0.7% in August from July, with high mortgage rates and tight supply impacting potential buyers.

9/21/2023

Midwest Home Sales Increase While Broader Market Slows Due to High Mortgage Rates

9/26/2023

New Home Sales Plummet in August as Mortgage Rates Surge, Forcing Builders to Slash Prices

Sales of newly built homes in the housing market decreased by 8.7% last month, indicating that higher mortgage rates are negatively impacting the industry.