On May 17th, according to the data released by the National Bureau of Statistics of China, the prices of new and second-hand houses in major cities across the country in April have seen a significant decrease, reaching a new high in recent years.
Looking at the month-on-month changes in April, among the 70 major cities analyzed, the sales prices of new residential properties in six cities increased compared to the previous month, a decrease of 5 cities from the previous period. The remaining 64 cities witnessed a decline, accounting for approximately 91% of the total.
In April, the sales prices of new residential properties in first-tier cities decreased by 0.6% month-on-month, with Beijing, Guangzhou, and Shenzhen experiencing declines of 0.7%, 1.3%, and 1.0% respectively, while Shanghai saw a 0.3% increase. The sales prices of new residential properties in second and third-tier cities both decreased by 0.5% and 0.6% respectively, with the decline widening by 0.2 percentage points compared to the previous month.
At the same time, the prices of second-hand houses also showed a declining trend.
In first-tier cities, the sales prices of second-hand residential properties decreased by 1.1% month-on-month, with Beijing, Shanghai, Guangzhou, and Shenzhen experiencing decreases of 1.6%, 0.8%, 1.4%, and 0.7% respectively. Second and third-tier cities saw a 0.9% decrease in the sales prices of second-hand residential properties, with the decline widening by 0.4 percentage points compared to the previous month.
According to the data from the National Bureau of Statistics, the number of cities where the prices of second-hand residential properties increased or decreased month-on-month remained the same, with only one city (Kunming) experiencing an increase while prices in the other 69 cities decreased.
Comparing year-on-year, in April, the sales prices of new residential properties in first-tier cities experienced a 2.5% decrease, with Beijing, Guangzhou, and Shenzhen seeing declines of 0.5%, 6.9%, and 6.7% respectively, while Shanghai recorded a 4.2% increase. Second and third-tier cities witnessed declines of 2.9% and 4.2% year-on-year respectively, with the decline widening by 0.9% and 0.8% respectively compared to the previous month.
The data indicates that the sales prices of new houses in cities across different tiers continue to decline, with both year-on-year and month-on-month declines widening. The most significant widening in decline was observed in first-tier cities.
Wang Zhonghua, the Chief Statistician of the City Department of the National Bureau of Statistics, interpreted the April data by stating that in the 70 major cities, the month-on-month and year-on-year declines in the sales prices of residential properties have both expanded.
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