The real estate market in mainland China continues to show a downward trend. The latest data shows that the prices of second-hand houses in 100 cities have been falling for 26 consecutive months, with the number of cities experiencing a price decrease in June reaching 100.
According to data from the China Index Research Institute, the average price of second-hand residential properties in 100 cities in June was 14,762 yuan per square meter, a decrease of 0.73% compared to the previous month. This decline widened by 0.03 percentage points compared to May, marking 26 consecutive months of month-on-month decreases and a year-on-year decline of 6.25%. In the first half of the year, the cumulative price drop of second-hand houses in 100 cities driven by owners seeking to exchange price for volume reached 3.61%, expanding by 0.87 percentage points compared to the second half of last year.
The cumulative price declines of second-hand houses in cities of all tiers have expanded.
Specifically, in first-tier cities, the cumulative price decline of second-hand residential properties was 3.56%, expanding by 1.65 percentage points compared to the second half of 2023. In second-tier cities, the cumulative price decline of second-hand residential properties was 3.65%, expanding by 0.75 percentage points compared to the second half of 2023, with cities experiencing widening cumulative decline within the tiers accounting for nearly 80%. In representative cities of the third and fourth tiers, the cumulative price decline of second-hand residential properties was 3.60%, expanding by 0.71 percentage points compared to the second half of 2023, with 11 cities including Changzhou and Yancheng experiencing cumulative declines of over 5%.
In June, the number of cities where the prices of second-hand residential properties fell on a monthly basis was 100. Cities experiencing a decline in second-hand house prices have exceeded 90 cities for 13 consecutive months.
The China Index Research Institute pointed out that the current situation where owners are seeking to exchange price for volume to facilitate transactions is evident, leading to the continuous decline in the prices of second-hand residential properties in 100 cities.