China’s housing market remained sluggish in July, new home prices in major cities fell on month for first time this year
DATA MACRO REAL ESTATE
China’s housing market remained sluggish in July, new home prices in major cities fell on month for first time this year
DATA MACRO REAL ESTATE

China’s housing market remained sluggish in July, new home prices in major cities fell on month for first time this year

 

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New home prices in China’s 70 major cities fell by 0.2% in July from the previous month, compared to no change in June, marking the first month-on-month drop in 2023, showed calculations based on data released by the National Bureau of Statistics (NBS) on Wednesday.

The prices declined by 0.1% in July from a year earlier, companies to no change in the previous month, showed the calculations.

Among 70 major cities, 20 cities saw new home price rise in July from the prior month, compared to 31 in June, and 6 cities saw second-hand home price rise on month in July, fewer than 7 in June, according to NBS data.

On a year-on-year basis, 26 cities saw new home price rise in July, compared to 27 in June, and 5 cities saw second-hand home price rise, compared to previous 6, showed the data.

New home prices in the four tier-one cities in July were in line with the previous month, remaining unchanged for the second straight month. New home prices in Beijing and Shanghai grew by 0.4% and 0.2%, respectively, in July from the previous month, while new home prices in Guangzhou and Shenzhen fell by 0.2% and 0.6%, showed the data. 

New home prices in tier-two cities fell by 0.2% in July from the prior month, compared to no change in June, while the prices in tier-three cities fell by 0.3%, expanding from the previous 0.1% drop, according to the NBS.

Second-hand home prices in China’s four tier-one cities fell 0.8% in July from the previous month, compared to the previous 0.7% drop, according to the National Bureau of Statistics. 

Second-hand home prices in tier-two cities fell by 0.5% in July from the prior month, compared to 0.4% drop in June, while second-hand home prices in tier-three cities fell by 0.4%, in line with the fall in June, according to the NBS.

China’s housing market showed a strong rebound in the first quarter of the year driven by the pent-up housing demand accumulated during the Covid outbreaks in late 2022, but the market started to show weakness in April and has been on a downtrend ever since.

Earlier this week, China’s official data showed that the country’s property sales measures in floor area reached 666 million square meters in the first seven months of the year, falling by 6.5% from a year earlier. In July alone, the sales reached 91.67 million square meters, slumping 46.1% from the previous month and marking the lowest so far this year, showed calculations based on NBS data.

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