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- October 20, 202621°
- BIST10011,798+3.22%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,142.90-0.41%
- INTEREST37.00%-1.00
- BITCOIN82,444+0.73%
- October 20, 202621°
China’s new and second-hand home prices fell in July
New and second-hand home prices fell year on year in most of the 70 large and medium-sized cities monitored by China’s National Bureau of Statistics in July. New home prices declined by 1.1% in first-tier cities, 2.8% in second-tier cities and 4.2% in third-tier cities.
Weakness in China’s housing market continued in July. New and second-hand home prices fell year on year in most of the 70 large and medium-sized cities monitored by China’s National Bureau of Statistics.
Third-tier cities saw the sharpest decline in new home prices
New home prices fell 1.1% year on year in the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen. During the same period, prices declined by 2.8% in 31 second-tier cities and 4.2% in 35 third-tier cities.
Shanghai was the only first-tier city where new home prices rose year on year. Prices increased by 3% in China’s most populous city.
On a monthly basis, prices in first-tier cities fell by 0.1%. This marked the end of a four-month recovery trend in these cities.
Decline in second-hand homes deepened
The decline in the second-hand home market was more pronounced than in the new-home market. Prices fell year on year by 3.7% in first-tier cities, 5.1% in second-tier cities and 5.8% in third-tier cities.
New home prices in China have been falling year on year since April 2022 amid weak demand in the property sector, declining investment and the financial difficulties faced by major companies.
The prolonged stagnation in the housing market is also affecting household confidence and the broader economy. The property sector had previously been one of the main drivers of investment and growth in China.
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