Second-hand housing sales accelerated in many cities in July, with year-on-year growth in transaction volume
2024-08-12
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Second-hand houses in many places are being sold at an accelerated pace. According to the data from Zhuge Research Institute, 120,316 second-hand houses were sold in the 14 key cities in July 2024, up 42.84% year-on-year. From a cumulative perspective, 705,358 houses were sold in the 14 key cities from January to July 2024, down 3.0% from the same period last year.Second-hand housing transaction volume in many places has increased significantlyIn terms of cities, among the 14 key cities, except for Foshan, where the transaction volume declined year-on-year, the transaction volumes of other cities all increased to varying degrees. In terms of a single month, the transaction volumes of 10 cities increased month-on-month in July, among which the transaction volumes of many cities once again hit a multi-month high.For example, in July this year, the transaction volume of second-hand residential properties in Beijing was 15,575 units, a month-on-month increase of 3.9% and a year-on-year increase of 60.3%, reaching the highest level since the peak of transactions in March last year. Since May this year, the transaction volume of the second-hand housing market in Beijing has increased month-on-month and year-on-year for three consecutive months.In July, Chengdu, which has seen a bright performance in the recent land market, saw second-hand housing sales exceed 20,000 units, reaching 21,240 units, an increase of 3,422 units from the previous month, a month-on-month increase of 19.2%. Judging from the transaction trend in the past 12 months, Chengdu's second-hand housing market in July was 21.5% higher than the average transaction volume in the past 12 months, setting a new high in the past 12 months.According to data from the Shenzhen Real Estate Information Platform, 5,494 second-hand houses were sold in Shenzhen in July, continuing to remain above the boom-bust line of 5,000 units after June, reaching a 39-month high since May 2021. The number of transactions increased by 9.6% month-on-month and 97.6% year-on-year.In terms of cumulative transaction levels, data from Zhuge Research Institute shows that in the first seven months of this year, the four cities of Shanghai, Shenzhen, Hangzhou and Xiamen have surpassed the same period last year in cumulative year-on-year growth.Yan Yuejin, research director of E-House Research Institute, told the Securities Daily reporter: "After a period of adjustment, the prices of second-hand houses have entered a relatively reasonable range, triggering the willingness of many buyers to buy houses. This is also a positive market signal, indicating that after the price reduction, the real estate market is entering a stable period and market confidence is gradually recovering."Owner confidence reboundsIn terms of listing data, according to the monitoring data of Zhuge Data Research Center, the overall listing volume of the cities monitored in July turned from rising to falling, and the second-hand housing sales cycle in key cities was 22.5 months, a month-on-month decrease of 4.9% and a year-on-year increase of 46%."Under the policy tone of destocking, the number of second-hand housing listings has fallen from a high level. It is expected that transactions in the second-hand housing market will continue to accelerate and the pressure on housing sales will ease." Guan Rongxue, senior analyst at Zhuge Data Research Center, told the Securities Daily reporter.In addition, the confidence of property owners has also rebounded. Data shows that in July 2024, the proportion of price-adjusted properties in the 14 key cities with price increases was 7.15%, up 0.3 percentage points from the previous month, and the proportion of price-increasing properties has increased for three consecutive months.Looking at different cities, among the 14 key cities monitored by Zhuge Research Institute in July, the proportion of price-increasing housing sources in 7 cities increased, while the proportion of price-increasing housing sources in the other 7 cities decreased. Among them, Wuxi, Qingdao and Shenzhen ranked the top three with the largest increase in the proportion of price-increasing housing sources."In terms of absolute numbers, the proportion of properties where owners increased prices in July remained at a low level since October 2023. Current buyers' willingness to purchase properties has increased, but the market supply and demand relationship has changed. In the short term, there is still pressure to sell second-hand houses. In the short term, owners lack the motivation to increase prices." Guan Rongxue said.Looking ahead, Guan Rongxue believes that in the second half of the year, the cumulative transaction volume in the second-hand housing market is expected to turn positive in August year-on-year. It is expected that the policy side will continue to maintain a loose supportive tone in the future, and restrictive policies will gradually withdraw from the stage. The transaction volume of second-hand housing is expected to continue to maintain the current transaction level.Image | ZCOOL Helo
Produced by | Zhang Xin
Review | Jiao Yue
Editor | Yan Liliang
Final Review | Bai Baoyu
