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A home seller in San Francisco is four times more likely to take a loss on their transaction compared to the average U.S. home seller, according to new data from Redfin (NASDAQ:RDFN) that determined the typical Bay Area seller sells their home for $100,000 less than the original purchase price.

Redfin noted that approximately one in eight (12.3%) sold in San Francisco during the three months ending July 31 was purchased at a price that was lower than the seller’s purchase price. One year ago, the percentage was 5% – the U.S. rate is 3%.

“Some condos in the Bay Area are now worth less than their owners bought them for in 2018 and 2019, in part because commuting from Oakland and other outlying areas into downtown San Francisco isn’t really a thing anymore,” said local Redfin Premier real estate agent Andrea Chopp, who focuses on Oakland and other East Bay neighborhoods. “There are buyers out there, but they’re a lot more cautious and picky than they were when mortgage rates were low. The Bay Area housing market was unsustainable before, so this correction is probably healthy, but the unfortunate thing is prices remain unaffordable for a lot of people – especially with rates now above 7%.”