The latest data shows that the average price of second-hand residential properties in China’s top 100 cities has been declining for 28 consecutive months on a month-on-month basis, with collective decreases across the 100 cities for the fifth consecutive month.
On September 1st, data released by the “China Index Research Institute” official WeChat account revealed that in August, the average price of second-hand residential properties in the top 100 cities was 14,549 yuan per square meter, a month-on-month decrease of 0.71%. This decline narrowed by 0.03 percentage points compared to July and has been ongoing for 28 consecutive months. The year-on-year decline was 6.89%. The current trend of “price for volume” among property owners continues to drive down the prices of second-hand residential properties in the 100 cities.
According to the China Real Estate Index System, the prices of second-hand homes in different tiers of cities continued to decline slightly on a month-on-month basis in August.
In first-tier cities, the prices of second-hand residential properties dropped by 0.72% compared to the previous month, with a decrease of 0.08 percentage points narrower than in July. Among them, the decline in Shanghai’s housing prices narrowed significantly by 0.13 percentage points. Second-tier and third- and fourth-tier representative cities saw decreases of 0.76% and 0.66% respectively, with decreases of 0.02 and 0.01 percentage points narrower compared to July.
The data shows that in 17 cities including Ma’anshan and Huaian, the month-on-month decline in second-hand residential property prices exceeded 1%, with Ma’anshan experiencing the largest decline at 1.36%. In 53 cities including Nanjing and Xuzhou, the decline ranged between 0.5% and 1.0%; in 18 cities like Zhanjiang and Suqian, the decline ranged between 0.3% and 0.5%; while in 12 cities such as Sanya and Fuyang, the decline was below 0.3%.
In terms of the number of cities where prices are rising or falling, according to the China Real Estate Index System, in August, there were 100 cities where second-hand residential property prices declined on a month-on-month basis, marking the fifth consecutive month of collective declines across the 100 cities. Among these, 56 cities witnessed a narrowing of the decline in second-hand property prices, with an increase of 8 cities compared to July.