diff --git a/client/codemirror/editor_state.ts b/client/codemirror/editor_state.ts
index 08cd7275..60bde1ef 100644
--- a/client/codemirror/editor_state.ts
+++ b/client/codemirror/editor_state.ts
@@ -1,9 +1,5 @@
 import customMarkdownStyle from "../style.ts";
-import {
-  history,
-  insertNewlineAndIndent,
-  isolateHistory,
-} from "@codemirror/commands";
+import { history, insertNewlineAndIndent } from "@codemirror/commands";
 import {
   autocompletion,
   closeBrackets,
@@ -20,6 +16,7 @@ import {
   unfoldEffect,
 } from "@codemirror/language";
 import {
+  Annotation,
   Compartment,
   EditorState,
   type Extension,
@@ -57,6 +54,11 @@ import { codeCopyPlugin } from "../codemirror/code_copy.ts";
 import { disableSpellcheck } from "../codemirror/spell_checking.ts";
 import type { ClickEvent } from "@silverbulletmd/silverbullet/type/client";
 
+// Annotation marking a transaction whose changes came from outside the
+// editor's edit stream (e.g. a page re-fetch from storage), so the
+// save-on-change handler can skip it and avoid an immediate re-save loop.
+export const externalUpdate = Annotation.define<boolean>();
+
 export function createEditorState(
   client: Client,
   pageName: string,
@@ -292,9 +294,9 @@ export function createEditorState(
               }
             }
             if (update.docChanged) {
-              // Find if there's a history isolate in the transaction, if so it came from a local reload and we don't do anything
+              // Skip saving if the change came from outside the editor (e.g. storage reload)
               if (
-                update.transactions.some((t) => t.annotation(isolateHistory))
+                update.transactions.some((t) => t.annotation(externalUpdate))
               ) {
                 return;
               }
diff --git a/client/content_manager.ts b/client/content_manager.ts
index ca944bba..6bb725ef 100644
--- a/client/content_manager.ts
+++ b/client/content_manager.ts
@@ -18,7 +18,10 @@ import {
   notFoundError,
   offlineError,
 } from "@silverbulletmd/silverbullet/constants";
-import { createEditorState } from "./codemirror/editor_state.ts";
+import {
+  createEditorState,
+  externalUpdate,
+} from "./codemirror/editor_state.ts";
 import { diffAndPrepareChanges } from "./codemirror/cm_util.ts";
 import { DocumentEditor } from "./document_editor.ts";
 import { fsEndpoint } from "./spaces/constants.ts";
@@ -382,7 +385,7 @@ export class ContentManager {
       this.client.editorView.setState(editorState);
     } else {
       // Just apply minimal patches so that the cursor is preserved
-      this.setEditorText(doc.text, true);
+      this.applyExternalPatches(doc.text);
     }
 
     this.client.space.watchFile(path);
@@ -492,6 +495,18 @@ export class ContentManager {
     });
   }
 
+  // Like setEditorText, but marks the transaction as an external update (e.g.
+  // a page re-fetch from storage) so the save-on-change handler skips it and
+  // we avoid an immediate re-save loop.
+  private applyExternalPatches(newText: string) {
+    const currentText = this.client.editorView.state.sliceDoc();
+    const allChanges = diffAndPrepareChanges(currentText, newText);
+    this.client.editorView.dispatch({
+      changes: allChanges,
+      annotations: [isolateHistory.of("full"), externalUpdate.of(true)],
+    });
+  }
+
   private navigateWithinPage(pageState: LocationState) {
     if (!isMarkdownPath(pageState.path)) return;