Report: The year-on-year decline in new home sales in 50 cities in China has narrowed for five consecutive months
2024-08-14
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China News Service, Beijing, August 13 (Reporter Pang Wuji) A report released by Shanghai E-House Real Estate Research Institute on the 13th showed that in July, the year-on-year decline in new home transaction volume in 50 cities in China narrowed for five consecutive months, and market transactions showed a stabilizing trend.
The report pointed out that in July, the transaction area of new commercial housing in 50 major cities in China was 11.41 million square meters, a year-on-year decrease of 13%. In February this year, the year-on-year decline of this indicator once reached 69%. However, in the following months, the decline of this indicator has generally shown a trend of narrowing month by month. The report predicts that in August, the year-on-year growth of new housing transaction area in 50 cities is expected to "turn positive", the first "negative to positive" in 15 months.
The transaction volume of new houses in first-tier cities is relatively strong. Data shows that in July this year, among China's 50 cities, the year-on-year growth rates of the transaction area of newly built commercial housing in first-tier, second-tier, third-tier and fourth-tier cities were -1%, -19% and -8% respectively. Yan Yuejin, deputy director of Shanghai E-House Real Estate Research Institute, said that with the adjustment of supply and demand relations and housing prices in this round, the market risks have been cleared and the foundation for a new round of recovery has become more solid. In particular, first-tier cities have shown a good trend of turning negative into positive.
Looking at the cities, the report pointed out that in July, among the 22 major cities, the new home transaction volume in 5 cities has turned positive year-on-year, including Nanning, Fuzhou, Guangzhou, Nanjing and Chongqing. Taking Guangzhou as an example, its new home transaction volume in the last two months increased by 19% and 29% year-on-year respectively. Yan Yuejin expects that the number of cities with positive year-on-year growth will increase in the future, which will drive the real estate transaction data of the 50 cities to gradually move out of the negative growth range.
The second-hand housing market is more active than the new housing market. According to statistics from the China Index Academy, the second-hand housing market in key cities has continued to trade price for volume recently, and the transaction volume has maintained a certain scale. In July, 99,000 second-hand residential properties were sold in 15 cities, a month-on-month increase of 2.9% and a year-on-year increase of 42.5%. Among them, the second-hand residential transaction volume in Beijing and Chengdu hit a monthly record high in the past year.
Industry insiders pointed out that recently, the decline in key indicators such as China's commercial housing sales area, sales volume, new housing construction area, and funds in place for real estate developers has narrowed, and the online signing area of second-hand housing has increased year-on-year. There are positive factors in the real estate market. (End)
