prices of new homes in 100 cities in china rose slightly in september, while second-hand home prices continued to adjust
2024-10-01
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china news service, beijing, october 1 (reporter pang wuji) data released by the china index research institute on october 1 showed that the prices of new homes in 100 cities in china continued to rise structurally in september, while second-hand home prices continued to fall year-on-month.
data released by the agency that day showed that in september 2024, the average price of new residential buildings in 100 cities in china was 16,484 yuan (rmb, the same below) per square meter, an increase of 0.14% month-on-month. on a year-on-year basis, the average price of new homes in 100 cities across the country increased by 1.85% compared with the same period last year. affected by the entry of high-quality improvement projects in some cities into the market, the prices of new residential buildings in 100 cities increased month-on-month. in september, the new home market transactions continued to weaken, and new home sales in key cities dropped year-on-month.
that month, the average price of second-hand housing in 100 cities was 14,447 yuan per square meter, a month-on-month decrease of 0.70%. on a year-on-year basis, the average price of second-hand housing in 100 cities fell by 7.13% compared with the same period last year. analysts said that second-hand housing prices in baicheng continued to decline as owners traded price for volume. in september, the transaction volume of second-hand houses dropped month-on-month, but still maintained growth year-on-year.
from the perspective of rent, in september, the average residential rent in 50 cities in china was 36.1 yuan per square meter, a month-on-month decrease of 0.39%. on a year-on-year basis, the average residential rent in 50 cities across the country fell by 2.52% compared with the same period last year.
in late september, china’s real estate market ushered in a heavy policy package. various regions have also quickly implemented a new round of property market support policies. at the end of september, the four first-tier cities of beijing, shanghai, guangzhou, and shenzhen all released new policies for the property market, including relaxing or canceling purchase restriction policies, reducing the down payment ratio for first and second homes, and shortening the value-added tax collection and exemption period.
analysts believe that the politburo meeting first mentioned "promoting the real estate market to stop falling and stabilize", releasing a strong signal to "stabilize real estate", and various property market policies are expected to accelerate in the fourth quarter. china index research institute believes that driven by policies, the national real estate market is expected to see marginal improvement in the fourth quarter. considering that it will take some time for medium- and long-term factors such as income and employment that affect residents' ability and willingness to buy homes to change, it is expected that the market will continue to bottom out in the short term. (over)
