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【Introduction】House prices in 70 cities in July released, with Shanghai and Xi'an leading the rise

China Fund News reporter Anman

On August 15, the National Bureau of Statistics released the changes in the sales prices of commercial housing in 70 large and medium-sized cities in July 2024.

Data shows that in July, the sales prices of commercial housing fell month-on-month, and the year-on-year decline slightly widened overall. Among them, the year-on-year decline in sales prices of second-hand housing in first-tier cities narrowed again.

Shanghai and Xi'an once again led the rise

Data showed that in July, the sales price of newly built commercial housing in first-tier cities fell by 0.5% month-on-month, the same as the previous month. Among the super first-tier cities, Beijing, Guangzhou and Shenzhen fell by 0.5%, 0.8% and 0.9% respectively, while Shanghai rose by 0.2%.

In terms of year-on-year growth, in July, the sales price of newly built commercial housing in first-tier cities fell by 4.2% year-on-year, an increase of 0.5 percentage points from the previous month. Among them, Beijing, Guangzhou and Shenzhen fell by 3.3%, 9.9% and 8.0% respectively, while Shanghai rose by 4.4%.

Among other large and medium-sized cities, only Xi'an's new home prices rose by 0.2% month-on-month and 3.4% year-on-year.

Data from the Shanghai Real Estate Trading Center showed that the total transaction volume of new and second-hand houses in Shanghai in July is expected to be 2.1 million square meters, a year-on-year increase of 12%. The total monthly transaction volume has maintained positive year-on-year growth for three consecutive months since May.

In terms of new homes, subscriptions increased and sales accelerated. In particular, the average transaction area of ​​new homes in June and July was 690,000 square meters, an increase of 41% over the average monthly transaction area in January to May this year.

The second-hand housing market also recovered rapidly. After the implementation of the "Nine Measures for Shanghai", the performance in June and July was outstanding, changing the downward trend of the market after the "small spring" in March and April. Since March this year, the number of monthly transactions in Shanghai has exceeded the prosperity line of 15,000 units for five consecutive months.

Among them, 23,700 units were sold in June, the highest monthly transaction since July 2021, a year-on-year increase of 95%; 18,000 units were sold in July, a year-on-year increase of 45%, basically the same as the "small spring" in March.

Second-hand housing prices continued to fall year-on-year

According to the data from the National Bureau of Statistics, the sales price of second-hand residential properties in first-tier cities fell by 0.5% month-on-month in July, a 0.1 percentage point increase from the previous month. Beijing remained unchanged, Shanghai rose by 0.1%, and Guangzhou and Shenzhen fell by 0.9% and 1.2% respectively. The sales price of second-hand residential properties in second- and third-tier cities fell by 0.8% month-on-month, a 0.1 percentage point narrower than the previous month.

Year-on-year, in July, second-hand housing sales prices in first-tier cities fell 8.8% year-on-year, a decrease of 0.2 percentage points from the previous month, with Beijing, Shanghai, Guangzhou and Shenzhen falling 7.2%, 5.6%, 12.4% and 9.8% respectively. Second- and third-tier cities second-hand housing sales prices fell 8.2% and 8.1% year-on-year, respectively, a decrease of 0.3 and 0.4 percentage points from the previous month.

Second-hand home sales prices in Xiamen and Wuhan led the decline, falling 13.2% and 13.4% year-on-year respectively.

Editor: Huang Mei

Review: Xu Wen

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