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Redfin: Over 3% of homes are selling at a loss

A recent report from Redfin, highlighted by Axios, indicates a rising trend of U.S. homeowners selling their properties at a financial loss.

Between August and October 2023, more than 3% of home sales resulted in a loss, reflecting an increase from the 2.4% recorded in the previous year. The median loss during this period averaged around $40,000.

San Francisco experienced the most pronounced impact, with approximately 14% of home sales concluding at a loss, accompanied by a median loss of $122,500.

Several other cities, including Detroit, Chicago, Cleveland, and New York, each witnessed over 6% of home sales resulting in financial losses.

Conversely, certain markets have demonstrated resilience, providing a more favorable environment for sellers this year. Washington D.C., for example, experienced a reduction in the proportion of losses compared to the previous year. Cities with the least common losses included Providence, Rhode Island; Anaheim, California; San Diego, Boston, and Fort Lauderdale, Florida.

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